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Fiji Time: 1:50 PM on Tuesday 2 September

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$150m to complete Momi

Timoci Vula
Saturday, November 24, 2012

THE Fiji National Provident Fund (FNPF) will complete the development of Momi Resort with an estimated investment of $150 million.

This was revealed by Prime Minister and Minister for Finance Commodore Voreqe Bainimarama and he said stage one of the Momi Resort development would commence at the beginning of the second quarter next year.

He said government would assist this initiative by ensuring the project was completed quickly.

He made the remarks while announcing the country's 2013 National Budget on Thursday as he highlighted the continuing challenges faced by the fund to find new investment opportunities that provided adequate return to its members, and its task of turning around some of its non-performing assets.

"The FNPF reforms have been ongoing after the budget announcement in 2010. Since then, significant progress and reforms have been made to ensure the sustainability of the pension scheme and to improve governance and transparency of the only superannuation fund in Fiji," Commodore Bainimarama said.

He said the recent recognition by the International Social Security Association was a testament to the success of the reforms in FNPF.

He also highlighted the recently-released FNPF annual report that further showed the strong position of FNPF within the financial sector in the country.

"As part of government's collaboration with FNPF, it will sell its overseas mission properties to FNPF and lease them back," Commodore Bainimarama said.

"This will provide FNPF offshore investment opportunities with attractive and sustained returns while reducing the operational costs for government," he said.

Commodore Bainimarama said the superannuation fund would also explore opportunities within the region to ensure it not only continued to provide better returns for its members, but also diversified its investment portfolio, thereby reducing its risk.

The project was a joint venture between the FNPF and New Zealand-based Bridgecorp before the government seized the assets in 2009 when Bridgecorp was faced with a financial crisis.


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