No more large scale private loans from FDB
November 25, 2021 12:50 pm
The Fiji Development Bank will no longer finance multi-million-dollar private sector projects, realigning to its core business.
Chief Executive Saud Minam says FDB lost focus in the past and backed developments which should have been left to commercial banks.
One example is the failed Pullman Resort in Nadi, funded to the tune of $60 million, but Minam says FDB is not interested in such ventures anymore.
“You will not see us signing a deal with any other major resort and all that – for $50m or $100m. That’s not our cup of tea.”
There is also a list of about twenty bad debtors or risky loans that FDB is keeping a close eye on.
“If the loans were written 20 years ago, 10 years ago or 5 years ago – there’s no other bank which would like to take it, so we have to work with them.”
Minam has confirmed FDB is turning its attention to financing agriculture, fisheries, small and medium enterprises and public infrastructure projects.