Ritika Pratap 
The iTaukei Land Trust Board
The iTaukei Land Trust Board, in a landmark decision, has announced the formation of the iTaukei Wealth Fund, a strategic initiative aimed at empowering landowning units through wealth creation.
This fund represents a significant step forward in TLTB’s commitment to enhancing the economic potential and prosperity of iTaukei communities.
The Fund is designed to assist landowning units with the repurchase of selected expired leases.
It aims to address the challenges faced by these units in accessing capital from commercial banks and financial institutions.
Historically, stringent requirements imposed by these entities have been a barrier to development for many iTaukei landowners.
iTaukei Affairs Minister Ifereimi Vasu states that by providing easier access to capital, they are supporting land development and business initiatives.
To operationalize this initiative, TLTB will set aside a portion of its poundage, which is usually deducted from lease monies.
Vasu emphasizes that this is a bold and necessary move by the TLTB.
He adds that their surplus poundage over the years has provided them with a cushion to implement this reduction without significantly impacting their operations.
Vasu stresses that the iTaukei Wealth Fund proposal, prior to its finalization, underwent a comprehensive consultation process. It was first presented at this year’s Great Council of Chiefs.
Following the GCC’s approval, the proposal was taken to all the Bose Vanua Yasana and Provincial Council meetings.
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