The Nauru-Australia Treaty signed by Nauru's President David Adeang, left, and Australian Prime Minister Anthony Albanese in Canberra. 9 December 2024. Photo: Facebook / Anthony Albanese
Australia signed an economic, social and security deal with Nauru, providing the Pacific island nation A$100 million (US$64m) over five years in direct budget support, Prime Minister Anthony Albanese said in a statement Monday.
The deal was signed by Nauru's President David Adeang and Albanese in Canberra.
According to the Australian government, the Nauru-Australia Treaty builds on the deep foundations of Australia and Nauru's bilateral relationship, and will help secure Nauru's long-term economic resilience and security.
The treaty will ensure Nauruans to have ongoing access to banking services and to the international financial system.
Australia's Commonwealth Bank will provide banking services in Nauru, including a physical presence, following the departure of Bendigo Bank next year.
Australia is Nauru's largest economic, security and development partner.
"The Nauru-Australia Treaty will strengthen Nauru's long-term stability and economic resilience," Albanese said.
"This treaty is an agreement that meets the needs of both of our countries, and serves Australia's and Nauru's shared interests in a peaceful, secure and prosperous region."
Minister for International Development and the Pacific Pat Conroy the two nations "interests are intertwined" and that the Treaty is a "significant step in our bilateral relationship".
"This treaty delivers on the priorities of both nations by strengthening Nauru's economy and backing-in Pacific-led security responses to our region's needs."
-Reuters/RNZ