UTOF signs MOU with VNPF, $9M handed over

September 20, 2022 4:29 pm

The Unit Trust of Fiji today signed a Memorandum of Understanding with Vanuatu National Provident Fund, enabling both parties to explore co-investment opportunities.

UTOF Chief Executive Vilash Chand says this will also encourage knowledge sharing and provide an opportunity for the establishment of ‘Yumi Trust Fund’ in Vanuatu.

Chand says the signing of the MOU also shows Vanuatu’s confidence in the Fijian economy.

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“They have a very strong belief in our Fijian economy and the way our economy has been growing and reshaping. That was one of the plus signs. Secondly, when we were evaluating and presenting to the board of VNPF ANOTHER thing that gained their confidence is that we are regulated. UTOF is regulated by RBF and that gave a lot of assurance to the board that their investment in Fiji will be well managed.”

Chand adds that UTOF’s investment portfolio has been doing well during the post-pandemic period.

VNPF Chair Parmod Achari says this will be the first of many engagements between Vanuatu and Fiji.

“Fiji is really growing very fast and we have all our aspirations and our involvement with Fiji. We thought this would be the first and best place to invest and have confidence in the growth of the economy.”

Meanwhile, VNPF also presented a $9M cheque to the Acting Prime Minister for and on behalf of Unit Trust of Fiji this afternoon.