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Fiji Time: 4:13 AM on Friday 25 April

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FDB sets $68m loan target

Ropate Valemei
Tuesday, December 25, 2012

THE Fiji Development Bank (FDB) has set a target of $68 million in loans for the financial year ending June 2013.

FDB relationship and sales general manager Tevita Madigibuli said they had lent almost half the targeted loan amount during the first half of the financial year.

For the last financial year, the FDB approved 599 projects valued at $35.99m.

"Of this, $17.31m was for the agriculture sector," said FDB's 2011 annual report.

It was earlier reported the loans under the agriculture sector were focused on forestry, logging and other resource-based activities.

Around $11.19m in loans was approved for the manufacturing sector while FDB lent $4.87m to the transport, communication and storage sector.

The bank also recorded a $2.5 million profit for 2011, an improvement of 6.23 per cent compared to the 2010 financial year.