TLTB generates $2million so far for Wealth Fund

March 11, 2024 4:39 pm

The Itaukei Land Trust Board has generated $2 million for the Wealth Fund in the first two months of this year, according to interim Chief Executive Solomoni Nata, who shared this information during Radio Fiji One’s TLTB program.

Nata highlighted that this presentation was made during the recent Great Council of Chiefs meeting, demonstrating the readiness of the Wealth Fund to assist landowners once their leases expire and the land is returned to them.

The Wealth Fund, as stated by TLTB, aims to help landowners compensate for any outstanding amounts remaining when a lease expires, enabling them to continue their economic activities for sustenance.

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“We know that some landowners don’t have the capital to compensate for whatever’s left when a lease expires. This is where the Wealth Fund comes in, to help landowners who need it. We know that if we loan a large sum from the government, it will have an interest rate, so the Welfare Fund will help landowners generate income from their land.”

Nata says the TLTB has also established the Itaukei Development Fund, which has begun receiving applications from clan trustees.

TLTB has allocated $4 million for the Itaukei Development Fund, which is intended to assist in funding development projects in traditional I-Taukei villages and communities.