Cyclone Response Cover for Women Entrepreneurs
Since its launch in August 2022, FDB has received nearly 2,000 applications, of which 585 have been approved for a total value of $1.4 million.
The Fiji Development Bank (FDB) has partnered with Tower Insurance to offer Cyclone Response Cover Insurance to customers enrolled in its Loan for Women Entrepreneurs program. The initiative provides women entrepreneurs the option to purchase parametric insurance cover alongside their loans to safeguard their businesses against damages caused by cyclones.
FDB chief executive officer Saud Minam said that this move reflected their commitment to Gender Equality and Social Inclusion (GESI) and aimed to provide a conducive environment for women entrepreneurs to become resilient and sustain their businesses.
The loan facility offers a minimum of $1,000 to a maximum of $5,000 with a loan term of 3 years and is available to sole traders, joint ventures, and partnership businesses.
Since its launch in August 2022, FDB has received nearly 2,000 applications, of which 585 have been approved for a total value of $1.4 million.
The Assistant Minister for Women, Children and Poverty Alleviation, Sashi Kiran, officiated the partnership, thanking FDB and the Government for developing the facility.
She believes the facility will empower women entrepreneurs to make positive changes in their lives and communities.
Tower’s Head of Pacific Digital Distribution, Veilawa Rereiwasaliwa, expressed his excitement to support women in business and entrepreneurship in Fiji, especially given that less than 10% of households in Fiji have cyclone insurance.
He added that the parametric insurance cover was timely and would provide much-needed relief to MSMEs, particularly women and children who are most impacted during disasters and recovery efforts.