This initiative refines and expands coverage of the parametric insurance product that was first launched in 2021 and aims to strengthen Fiji’s financial resilience against climate change and natural disasters.

This partnership will give hundreds of thousands of Fijians access to digital payments through Mastercard’s global payment network of over 100 million merchants worldwide.

The UN Capital Development Fund is pleased to announce international insurance group, Howden, as a new addition to its long list of private sector partners helping fight climate change in the Pacific.

This is a key outcome of reforms the Reserve Bank of Fiji has been leading in collaboration and partnership with key payment system stakeholders in Fiji.

Both products offer combined insurance cover against heavy wind and rainfall and are designed to offer immediate financial support after extreme weather events.

The United Nations Capital Development Fund launched the challenge with the aim to attract local and global fintechs with market-ready solutions to address identified problem statements which represent the challenges faced by Pacific Islands Countries.

More than 40 percent of the loan amount was allocated to energy efficient housing projects, i.e. purchase of new energy efficient apartments, as well as individual house constructions and renovations.

Attracted financial means will be directed towards the development of micro, small and medium-sized businesses in Armenia.

The project allows for financing of various loan purposes, for example purchase of housing from primary and secondary markets, renovation, and single-family house construction.

Microfinance-supported entrepreneurs have exhibited the same resourcefulness that has characterized many other small businesses during the pandemic. At the same time, they face a variety of ongoing challenges.