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Export support

Geraldine Panapasa
Saturday, December 29, 2012

MORE eligible customers, individuals, partnerships and companies will be able to access lower interest rate loan facility, says the Fiji Development Bank.

This followed the recent approval by the country's central bank of $40million for its Import Substitution and Export Finance Facility.

FDB stated the increase meant more readily available finance for the export industry.

"This allows financial institutions like FDB to assist more businesses in the export industry and those who deal with import substitution such as poultry, fruits, vegetables, dairy, aquaculture and even renewable energy financing," the bank stated.

"There will be some positive impact on employment and utilisation of resources.

"FDB does not borrow funds from RBF. The facility however, is available at RBF for utilisation on project basis by any of the banks.

"The rate has not changed and the bank has a current commitment up to $19million on this funding.

"We have been cautious to lend under the facility as we approach the limit and the increase is a great boost to our developmental function."

FDB said the impact of the increase would be realised in the country's sustainability and growth in those focus sectors.





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