THE Fijian Government yesterday signed an agreement with member of the World Bank Group, International Finance Corporation to bring in the private sector to assist in providing affordable and climate resilient homes for low and middle income families.
The signing took place after the opening of the World Bank Group South Pacific Hub at the Fiji National Provident Fund plaza in Suva.
This agreement was aimed to provide affordable and decent housing for all communities by 2020, supporting families who struggle to find housing because of rising land and home prices. Attorney-General Aiyaz Sayed-Khaiyum said they were building a new housing market where ordinary families could afford to own a home.
“We are steadily realising our vision to provide a new range of affordable, high-quality housing options for Fijian families in ways that make sense in our rapidly modernising economy,” he said.
“We’ve already introduced a new level of funding support for first-time home buyers, we’ve restricted the influence of foreign buyers in our housing sector, relieved debt obligations, discounted interest rates for home loans, and, with a view to reduce construction expenses, we’ve undertaken an analysis of costing models, in partnership with the World Bank, to explore the introduction of new cost-saving technologies.
“On top of that, we’re harnessing the innovation and expertise of the private sector and we will be working with local and foreign contractors to build up a stockpile of new homes that can house more Fijian families,” he said.
Corporation director for East Asia and the Pacific Vivek Pathak said Fiji was vulnerable to natural disasters and the damage caused by cyclones in the past highlighted the need for affordable housing that are climate resilient and energy efficient.
“A key reason for lack of affordable housing is access to land for development and the high cost of construction, so we will work to help the Fijian Government develop an affordable housing demonstration project, so Fiji can take a major step in ensuring people have quality housing they can afford,” he said.
