Government has officially launched an important new initiative to develop finance and insurance products that are tailor-made to the needs and circumstances of vulnerable and low-income households in Fiji and other Pacific Island Countries.
The Government of Luxembourg will provide initial funding of 1 million euros for the initiative.
The Pacific Climate Finance and Insurance Incubator – known as the Drua Incubator – will bring together leaders in finance, investment and insurance to develop and “incubate” transformational and scalable financial and insurance products that meet the specific requirements of Pacific Small Island Development States.
Attorney-General and Minister of Economy and climate change, Aiyaz-Sayed Khaiyum, said that incubator will look for ways to increase the flow of climate finance into Fiji and to make climate-related insurance more affordable.
The incubator will also support the work the Government is doing to develop crop insurance in Fiji.