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FDB approves 1,100 loan applications

August 27, 2021 12:25 pm
FDB Chief Executive, Saud Minam.

The Fiji Development Bank has this morning begun disbursing loans under its COVID-19 Recovery Credit Guarantee Scheme.

FDB Chief Executive, Saud Minam says they have received more than 3,000 applications to date and 1,100 have been approved for a total payout of $21M.

Minam says $200M given by the government will allow customers to borrow between $10,000 to $100,000 and customers are not required to make any interest or principal payment for the first two years.

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Disbursement is being facilitated through MPAISA and Vodafone Rational CEO, Pradeep Lal says they have over 600,000 users incurring about $120M worth of transactions in a month.

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