ANZ has placed its confidence in the sugar industry with a $120million loan for the Fiji Sugar Corporation.
The bank's chief executive (Fiji), Norman Wilson said the two parties completed the documentation on "structured trade finance facility for FSC", which was guaranteed by the government of Fiji.
"This is a landmark trade finance deal for the country's sugar industry, and with continued strong global demand for agricultural commodities we're pleased to support the reinvigoration of the industry in partnership with the government of Fiji," Mr Wilson said.
"The industry directly and indirectly employs about 200,000 people in Fiji and we are committed to supporting the sustainable growth and employment in Fiji's key sectors, of which sugar is pivotal.
"We are also focused on complementing the Fiji government's efforts and strategies to reform the industry," Mr Wilson said.
Last year, the bank completed a study focused on the Fiji sugar industry which resulted in extensive research and dialogue between the Fiji government, FSC and ANZ to look at solutions to revitalise the industry.
"With the support of ANZ's regional trade specialists, ANZ Fiji has been able to provide a local banking solution for FSC which has resulted in a reduction in borrowing costs and has provided an approach to help manage foreign currency fluctuations, which affect the price of sugar," Mr Wilson said.
A formal signing ceremony will be held after completion of the 2012 Asia Pacific Sugar Conference, held in Denarau, Fiji this week.