Fiji, Oct. 22 -- Nauru and Australia have taken another major step in their long-standing cooperation with the signing of a $388 million(US$250 million) Memorandum of Understanding (MOU) to support the third-country resettlement of selected persons - described as a "special cohort" - through long-term stay visas in Nauru.

The agreement, signed on Tuesday, establishes the Nauru Trust Fund 2, a capital investment dedicated to supporting the 30-year resettlement arrangement.

The fund is separate from a one-off $20 million(US$12.98 million) establishment fee and additional annual payments for operational costs.

Deputy Minister for Internal Affairs Tawaki Kam, who signed on behalf of the Nauru Government, said the arrangement reflects the d...