NZ support for Pacific to reach $1 billion

Prime Minister John Key has today announced New Zealand will provide $1 billion in development assistance to the Pacific region over the next three years.

“New Zealand is a Pacific nation and we are committed to working with our closest neighbours to develop their economies and build a prosperous and stable region,” Mr Key says.

“Over the next three years we will increase the amount of development assistance we provide to the Pacific by $100 million, taking our total investment in the region to $1 billion.

“Budget 2014 set out a growth path for New Zealand’s development assistance that will see our total investment over the next three years reach $1.7 billion.

“The decision to allocate close to 60 per cent of our growing aid budget to the Pacific recognises the importance we place on our neighbourhood, the challenges we collectively face, and the enormous potential our region has.

“Our investment will focus on partnering with Pacific governments to develop the sectors that have the greatest potential to drive growth, including fisheries, tourism and agriculture.

“We will also continue to invest in the areas that underpin sustainable economic development such as access to affordable, reliable and clean energy, ICT connectivity, and education.

“New Zealand has been at the forefront of efforts to shift the Pacific from reliance on fossil fuels to renewable electricity. This work to address energy insecurity and build resilience will continue over the next three years as we step up our support for climate change adaptation,” Mr Key says.

Prime Minister Key is currently attending the Pacific Islands Forum in Port Moresby, Papua New Guinea.