FDB’s success in development projects over the 55 years
For any organisation to successfully achieve its objectives, it must continuously improve its services.
For the past 55 years, the Fiji Development Bank (FDB) has achieved a milestone of leading the company forward with various development plans and launching many projects which have successfully benefitted Fijians across generations.
Chief executive officer, Saud Minam said FDB had continued to invest in agriculture sector.
“Our portfolio value in 2021 reflects FDB’s commitment to supporting a competitive, sustainable and value-adding agriculture sector in Fiji,” he said.
“This value represents 16.36 per cent and 65.51 per cent by the number of FDB’s total portfolio in 2021.
“This sector holds the 2nd largest market share across Fiji representing 50.61 per cent.
“It also supports farmers through partnerships with stakeholders such as the Commercial Farmers Equity Loan Package.”
Mr Minam also said a recent significant development accomplishment for Fiji Development was the opening of the new Lautoka Branch, as they aim to improve the infrastructure at all their Branches across the country.
“The Lautoka Branch is the first to get the uplift. Infrastructure developments, such as this one, are an opportunity for the Bank to invest
in improving our customer service,” he said.
He said the Lautoka Branch was designed with a new concept that would be replicated in other Branches in phases.
“The Branch is equipped with a free high-speed Wi-Fi connection for customers as well as the staff. In order to meet the changing workplace dynamics, the Bank has adopted a reflection/nursing room for our staff,” Mr Minam said.
New projects
Fiji Development Bank has launched new products in recent months to support various sectors of the economy.
i. COVID-19 Recovery Credit Guarantee Scheme
Although this was a governmentinitiated scheme, FDB is proud to take lead in this initiative during the peak of the second wave of COVID-19.
Mr Minam said the government made available $200 million for this scheme, which aimed at providing working capital support for businesses to sustain themselves.
“For the first time, FDB was given the mandate to participate in such a facility.
“From the 2nd of August to the 14th of September 2021, we received more than 14,500 applications. As
of now, we have disbursed nearly $60 million under this scheme.
“As the only development financial institution in Fiji, we are proud to have contributed to the government’s objective of assisting the existing businesses to sustain themselves through the COVID-19 Recovery Credit Guarantee Scheme.”
ii. SME Package
Sustainability
Small and Medium Enterprises (SMEs) form an important component of Fiji’s economy.
The growth of SMEs for job creation, income generation, poverty alleviation, rural development and the empowerment of youth and women is critically important, especially now when the economy is recovering from the impact of the pandemic.
FDB designed this package considering SMEs important role in economic recovery.
“The facility is specially created to expand and maintain existing SMEs. The financial solution with a 3.99 per cent interest rate is timely and will provide stability to operating SMEs to further grow their businesses,” Mr Minam said.
Contribution to the economy
Access to financing plays a crucial part in the growth of the businesses, particularly in terms of Micro, Small and Medium Enterprises (MSMEs) and with timely funding these businesses can prosper, expand and further contribute to Fiji’s economic growth.
Mr Minam said FDB had established many banking services which were not adequately provided by other financial institutions.
“These services have greatly benefitted farmers and businesses since the Bank’s establishment – both in terms of setting up new ventures and expanding operations of current ventures,” he said.
He said the Bank had remained committed to its aim of reaching out to the grassroots people through various means.
“The Bank will continue to enhance its products and services that would also help achieve the national development goals.”