State to sign new agreement with FNPF
3 July, 2018, 1:00 am
GOVERNMENT will be soon signing a new agreement with the Fiji National Provident Fund (FNPF) that will pave the way to develop multifamily housing units in Fiji.
This was highlighted by the Attorney-General and Minister for Economy, Aiyaz Sayed-Khaiyum during the announcement of the 2018-2019 National Budget in Parliament last week.
Mr Sayed-Khaiyum said through government’s commitment, this would directly subsidise rent for low-income earners.
“This partnership will not only further diversify FNPF investment portfolio upon completion, but the multifamily complexes will immediately open a large inventory affordable accommodation options, both for rental and sale in the high demand market,” Mr Sayed-Khaiyum said.
“This effectively kills two birds with one stone with providing government housing assistance to Fijian families while further bolstering FNPF diversification to the benefit of its members.”
He said with the announcement of the first home buyers in this year’s National Budget, this would become more economically feasible for developers, opening the possibility for the private sector to follow the FNPF footsteps.