Fiji Time: 4:51 AM on Saturday 28 February

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Bank urges farmers to use low interest rates

Jone Kalouniviti
Saturday, March 29, 2014

THE Fiji Development Bank is encouraging canefarmers to make good use of the current low interest rates it's offering because they're specifically tailored to meet the needs of cane farmers.

FDB Ba branch manager Saukat Ali announced during an FSC field day for the Moto and Naloto sectors that borrowing by cane farmers had dropped significantly by 50 per cent in the past three years.

"Our sugar portfolio alone is about $5million which means there is much to go around but the farmers have not applied for assistance for a while now," said Mr Ali.

"Our interest rates are as low as 0.05 per cent to 4.2 per cent and we have guidelines to waive loan repayments in the event of natural disasters for the sugar industry."