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News

PAFCO granted govt guarantee for $11m

August 25, 2015 7:18 pm

Government has moved a motion to approve a new government grantee of $11 milliom to allow Pacific Fishing Company or PAFCO to access financing from ANZ.

Attorney General Aiyaz Sayed-Khaiyum moved the motion which was seconded by Minister for Disaster Management Inia Seruiratu before Parliament adjourned yesterday.

Sayed-Khaiyum says a report, carried out in May 2014, regarding PAFCO identified that an estimated sum of $15m of refurbishment works is critical for upgrading of facilities.

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“On PAFCO’s request for additional loan facility for its capital upgrade works WESTPAC has advised that they will not be able to offer this new facility but ANZ has stepped in. In order to fund the capital improvements in the report PAFCO has negotiated with ANZ to refinance its WESTPAC facility and obtain financing from ANZ in the amount of $11,320,241”

Sayed-Khaiyum adds, PAFCO is a primary driver of economic activity in Ovalau and indeed supports the livelihood of about a thousand Fijians that work there.

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