Development bank offers assistance
26 April, 2018, 8:01 am
FIJI Development Bank’s existing customers whose farms and businesses were affected by tropical cyclones Keni and Josie are eligible to seek assistance from the bank’s rehabilitation financing scheme.
This was confirmed in a statement from the FDB, which said all existing farmers and businesses that had suffered damage to crops, farm machinery, stock, property and other assets during the floods were eligible to seek assistance from FDB’s rehabilitation financing scheme for replacement of damaged inventory, restoration and repair of cyclone damage to assets, farm houses, business premises and livestock as well as access to working capital due to loss of sales.
FDB chief executive officer Mark Clough said the relief assistance would be provided to affected customers through the options of repayment moratoriums, interest rate concessions and rehabilitation financing to help rebuild affected farms and businesses.
“The rehabilitation financing will be provided by FDB through the Reserve Bank of Fiji’s National Disaster Rehabilitation Facility (NDRF) without any upfront or application fee charged by FDB. “Further loans from FDB at a concessional rate of 5 per cent on separate accounts is also an option under this facility,” he said.
Meanwhile, the FDB also clarified that its rehabilitation assistance extended only to customers whose farms and businesses were affected by Tropical Cyclone Keni in the Western and Northern divisions and in Kadavu while the bank’s TC Josie rehabilitation assistance was for customers in the Western and Northern divisions. The assistance policy assists customers through eased repayment terms and rehabilitation financing to help rebuild their businesses