Praneeta Prakash 
[File Photo]
The Fiji Development Bank is undertaking significant reforms to modernize its operations and better serve businesses and communities.
While making submissions to Standing Committee on Foreign Affairs and Defence, FDB Chief Executive, Filimone Waqabaca highlighted their achievements, ongoing challenges, and strategic reforms.
He says the FDB Act of 1966 which governs the bank’s operations is currently under review.
“We continuously review the Act to see whether it allows us to expand the work that we do for a number of reasons. One is to ensure that FDB remains relevant, given the competition in the market.”
The FDB CEO says the review aims to update the legislation to ensure the bank can operate effectively.
“We cannot continue to operate as is, we need to see other forms of businesses that will allow us to perhaps generate the revenue that we need to remain sustainable, but secondly and I think most importantly, allow us to continue to service the mandated areas.”
Waqabaca says the bank is exploring the potential to accept small retail deposits, which would reduce its cost of funds and allow savings to be redirected to borrowers at more affordable rates.
