Initiative implemented to assist rural farmers
April 8, 2019 4:02 pm
Agriculture based small and medium enterprises willing to work with farmers based in rural areas will now be able to expand their business through a grant and loan package.
This after an agreement was signed between the Fiji Development Bank and the Agriculture Ministry to strengthen commercial agriculture.
The initiative will meet up to 75 percent of the total investment cost.
Agriculture Ministry Permanent Secretary David Kolitagane says this grant scheme aims to promote market-oriented agriculture production in remote areas.
“The grant will boost the ability of these SME’s to acquire products from these most remote areas and highlands directly providing the secure income for our farmers and the market access.”
FDB Chief Executive Mark Clough, says they recognize the constraints faced by SME’s in the agriculture sector in accessing finance from banks.
FDB Chief Executive Mark Clough [left] and Agriculture Ministry Permanent Secretary David Kolitagane sign an agreement.
Under the agreement, the grant provided by the International Fund for Agricultural Development will meet twenty-five percent of the total investment and FDB will provide a loan meeting half of the total cost of the planned investment.
The remaining 25-percent will be forked out by the borrower.