Exploring Options for Disaster Risk Finance to Support Tourism Sector
11 February 2025
Strengthening Disaster Resilience in the Pacific | Workshop Day 1
18 February 2025On the 29th of January 2025; the UK Foreign, Commonwealth and Development Office (FCDO) and PCRIC have long enjoyed a strong and collaborative partnership. This partnership was today strengthened when PCRIC’s CEO, Mr. Aholotu Palu, and the UK’s Small Island Developing States (SIDS) Envoy Rebecca Fabrizi formally agreed to work together over the next 3 years. The MoU confirms the details of a £5.3M capital grant to PCRIC, announced by the UK Prime Minister at the Commonwealth Heads of Government Meeting, Samoa 2024.
The capital grant will be used to support the underwriting activities of PCRIC in respect of its provision of disaster risk insurance for eligible countries of the Pacific Islands region.
Speaking for the FCDO, Rebecca Fabrizi said that the grant was made available through the £11.6bn UK International Climate Finance program and reflected the UK’s commitment to working with the Pacific to achieve shared goals and reduce the impact of frequent climate and natural disasters.
In expressing gratitude for the continuing support provided by the UK which was one of the original financial contributors to the formation of PCRIC, Mr. Palu quickly recognized the collaborative spirit and goodwill demonstrated by FCDO representatives in arriving at a mutually agreeable arrangement. Mr. Palu recognized the unwavering support provided by the UK government to the Company.
Mr. Palu confirmed that this additional support would directly enhance the reach and impact of the Company’s endeavours in the region.
