FDB CEO says Budget ‘Fit-for Purpose’

July 19, 2021 4:18 pm

Fiji Development Bank Chief Executive, Saud Minam, has labelled the 2021-22 National Budget, courageous.

Minam says the budget echoes compassion and is fit-for-purpose.

He adds it is a much-needed boost to support FDB’s own efforts, by providing a platform for businesses to sustain themselves during these trying times.

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The $200 million cash injection to Micro, Small and Medium Enterprises sector, which can be accessed through FDB, fully subsidized for two years, is an enormous commitment by the Government for the resilient recovery of Fijian businesses.

Fiji Development Bank Chief Executive, Saud Minam

Minam adds under this initiative when businesses take a loan from FDB, ranging between $10,000 and $100,000, they will not be repaying anything to the Bank for two years.

He explained it will be an interest-only loan for that period that the Government will pay on behalf of the business.

Minam says after two full years of cushioned recovery, the businesses can start repaying their loan from the third year.

He highlights that they’ve also identified other incentives in the budget that can assist their customers to invest in the growth and diversification of their business.

According to Minam, this budget provides the needful stimulus for a resilient economic recovery by addressing the most wide-ranging socio-economic aspects of Fijian’s livelihood and safety, as well as the financial burdens of businesses that continue to grapple with the impacts of the pandemic.

FDB Chair, Andre Viljeon says it is a shot in the arm for our MSMEs, an important sector that supports close to 60% of Fijians in job, and FDB’s agriculture customers.