The Fiji government’s latest budget included a F$200 million (US$94 million) financial package for MSMEs to be rolled out by the Reserve Bank of Fiji and commercial banks.
The Fiji Development Bank’s new CEO, Saud Minam says the package is a much-needed boost to FDB’s efforts.
“Under this initiative when businesses take a loan from FDB, ranging between $10,000 and $100,000, they will not be repaying anything to the Bank for two years – it will be an interest-only loan for that period that the Government will pay on behalf of the business,” he explained.
“From the third year, after two full years of cushioned recovery, the businesses can start repaying their loan,” Minam continued. “It is a shot in the arm for our MSMEs, an important sector that supports close to 60% of Fijians in job, and our agriculture customers.”
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