The Fiji Development Bank was established on 1 July 1967 under the Fiji Development Bank Act 1967. FDB is an autonomous statutory body, the operations of which are controlled by a Board of directors appointed by the Minister of Economy. Under the Act, the Bank provides finance for projects that contribute to the development of Fiji’s economy and improves the quality of life for the people of Fiji. Loan funds are provided for Agricultural, Small and Medium, as well as Corporate enterprise projects.
The Fiji government also uses FDB as a financial vehicle in its development projects/plans and special assistance programmes that may be necessary from time to time. Over the years FDB has introduced a range of loan packages and services aligning it with its strategic objectives and customer demands. At the same time, the FDB has the challenging task of matching its competitiveness level with that in the Banking and finance sector.
The Bank plays a significant role in helping develop the various economic sectors of the country. It believes in a strong corporate social programme which it undertakes through Money $mart and Invest $mart (a financial literacy programme in all Fiji secondary schools) as well as the annual Small Business Awards which has been upgraded and renamed to the FDB Small & Medium Enterprise Awards.
The role of the Bank as mandated under the FDB Act is to:
“facilitate and stimulate the promotion and development of natural resources, transportation and other industries and enterprises in Fiji and in the discharge of these functions, the Bank shall give special consideration and priority to the economic development of the rural and agricultural sectors of the economy of Fiji”.
OUR TARGET SECTORS
In carrying out its business the Bank will continue to provide capital and other resources for investment in the following sectors which are consistent with the objective of maintaining a reasonable diversification in its investments among all sectors of the economy:
- Agriculture including forestry and fishing;
- Mining and Quarrying;
- Transport, Communications and Storage;
- Wholesale, Retail, Hotels and Restaurants;
- Professional and Business Services;
- Building and Construction;
- Private Individuals;
- Real Estate.
For internal reporting purposes, the above sectors are further classified as focused and non-focused sectors, where the non-focused sectors are to be pegged at $350 million following the 2008 Government directive.