Praneeta Prakash 
The Fiji Development Bank confirms that business entity, Grace Road was previously financed by the bank.
The question was raised during a recent parliamentary committee review of FDB’s 2024 Annual Report.
While making submissions before the Standing Committee on Foreign Affairs and Defence, FDB Chief Executive, Filimone Waqabaca revealed that the business received a loan during its early operations in Fiji but fully repaid the debt in 2021.
“Grace Road was a recipient of a loan from FDB at the very initial stage. I think when they entered the Fiji market, FDB was a financier at that point, and they paid off their debt in 2021. So they were in our books, and they’ve paid off in 2021.”
Waqabaca adds that the company has recently submitted new application and that all loan applications are assessed fairly and without discrimination.
“And they have also made, of recent, they have made applications also to the Fiji Development Bank, which was assessed and has been taken up to our board risk committee. For me, as the CEO and also wearing the development hat, I use the constitution as the guide in extending our loans or assessing loan proposals. I tell our team that as much as possible, we should not be discriminatory in our approach, especially if it’s a business and it comes to FDB.”
FDB assured the committee that its governance structure has been strengthened in recent years, with loan approvals handled independently through internal committees rather than external influence.
The bank stated that this process ensures accountability and reduces the risk of undue interference in lending decisions.
