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FDB approved 1251 loans in 2017: Clough

February 18, 2019 12:54 pm

Over 1200 loans were approved by the Fiji Development Bank valued at $87.79 million in the 2017 financial year.

FDB chief executive Mike Clough says these 1251 loans were granted in the areas of agriculture, manufacturing, small and medium enterprises, transportation, and communication.

Clough adds the bank’s gross loan portfolio stood at $438.09 million which was a result of efficient lending methods.

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Out of the approved loans, 831 were applications received from the agriculture sector.

“Our market share, particularly in agriculture, is around 45-50 percent. In the sugar cane sector its 99 percent. Overall our market share, total financing within Fiji is 5-6 percent.”

Clough says due to the increase in loan approvals assets grew by close to 17 percent.

He revealed these details while submitting the FDB 2017 Annual Report to the Parliamentary Standing Committee on Economic Affairs today.

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