In a groundbreaking collaboration, the Fiji Development Bank has received support from the Agence Francaise de Development, funded by the European Union, through the issuance of the EURIZ guarantee.

This agreement entails a substantial guarantee commitment of approximately $7 million, aimed at enhancing the bank’s capacity to provide financial assistance to micro, small, and medium enterprises.

Under the newly inked EURIZ loan portfolio guarantee agreement, financial institutions will benefit from a flexible, convenient, and attractively priced risk-sharing mechanism.

This mechanism aims to facilitate easier access to loans for MSMEs, ultimately contributing to the growth of the Fijian economy.

Finance Minister, Professor Biman Prasad, commended FDB for its pivotal role in supporting

`“I am told recently FDB developed and launched four new facilities, these include the SME sustainability package, ginger loan facility and the AVCF,FDB loan for women entrepreneurs and sugarcane farmers special loan facility. These facilities visualize our overall aim of providing adequate financial solution to a variety of sectors of the economy.”

FDB’s Chief Executive, Saud Minam, expressed gratitude towards the French Development Agency and the EU for their unprecedented partnership with the bank, marking the first of its kind in the Pacific region.

“Our mandate tells us to go into three segments. One is agriculture, SME and MSMEs. So those are the three main segments in business. And I’m happy to say that shows about 94% of our customer base belongs to those three segments.”

This agreement will enable FDB to expand its financing services for MSMEs, with a specific focus on various sectors such as women-led enterprises, youth initiatives, healthcare, education, agriculture, digital enterprises, and social businesses.

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