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.

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.