Land Bank gets $1.5m input
June 11, 2019 12:05 pm
One point five million dollars has been allocated in 2019-2020 Budget to support the development of iTaukei land under the Land Bank.
Under the initiative, native land owners allow the government to use their property for development purposes and on-lease it at market rates.
Potential investors and farmers can sub-lease or lease land from the State for a period of up to 99 years from the land bank.
To date, a total of 113 parcels of native land with a combined area of 10,564 hectares have been committed to the Land Bank.
Total lease payment of $9.4 million has been received through this.
Under the initiative, the government assists landowners by providing funding for the proper surveying of land.
To date, the government has surveyed 78 parcels of land and issued 46 leases.
To enhance transparency and encourage landowner participation, the government will now issue landowners with Bio-Data Profile handbooks for all designated land leases.
According to the 2019/2020 Budget Supplement, Government has secured financial assistance for agriculture tenants with the Fiji Development Bank to ensure rental payments are based on market value.