Minister for Economy, Aiyaz Sayed-Khaiyum. [Fijian Parliament]

The government is looking to provide a $200 million loan guarantee to the Fiji Development Bank.

Minister for Economy, Aiyaz Sayed-Khaiyum has tabled a motion in parliament seeking a 12 month guarantee from March 1st to 28th February 2023.

“The bank also plans to re-package SME loans to assist eligible businesses offering low-interest rates as rice farmers in the North are also being assisted either to start or expand their farming operations or to invest in efficiency through mechanization.”

The loans will be in the form of short and long term bonds, promissory notes, term deposits, any Reserve Bank of Fiji financing facility and other short-term borrowings.

A fee of 0.075% will be applied to the cumulative sum used under the guarantee.