05 July 2011
In Government’s 10-point economic plan for achievement by 2020, Fiji is “to convert up to 90 percent of all electricity generated from fossil to renewable sources.”
The policy while favourable to the environment is also designed to reduce the nation’s fuel import bill which lies anywhere between $700 million and a billion dollars annually depending on what the market price is on any given day of the week.
In view of this economic target, the Bank’s board approved the Sustainable Energy Financing Project (SEFP) facility in May 2010 for persons interested in obtaining financing for this particular purpose.
The SEFP policy is also in support of the work of the Departmentof Energy and the World Bank in promoting the use of solar, hydroor coconut oil fuel (alternative fuel for diesel generators) for lights or electricity generation.
The Fiji Development Bank has been approved by the World Bank as a participating financial institution for SEFP and in this regard, a Memorandum of Understanding between the Department of Energy acting as the executive agency for the World Bank and the FDB will be signed in Suva on Wednesday (6 July).
Through the implementation of SEFP, the following renewable energy systems are supported for financing:
- Solar Photovoltaic (PV) System;
- Pico – Hydro System; and
- Fuel Switching System where coconut oil will be used as a diesel fuel alternative for generating electricity.
The scheme will cater for energy financing loans of up to one million dollars with subsidies limited to $50,000 maximum per
project. The facility is available at an attractive interest rate of 6% repayable over five years for individual borrowers and seven years for micro and small business owners provided the repayment period does not extend beyond 30 December 2018. Should the facility be extended beyond the five or seven years stipulated, the normal interest rate will apply. The facility is not a standalone product – it must have an income generating prospect.
The Bank’s normal prudent screening and credit assessment process applies. Enquiries about this facility can be made at any FDB branch.
News Archive
Jan
Feb
Apr
May
Jun
Jul
Aug
Sep
Oct
Dec
Jan
Feb
Mar
07/01/2011:
Surf on Turf
20/01/2011:
Mixed Farming Yields Positive Returns
15/02/2011:
FDB hosts road show in Navua
04/05/2011:
FROM LAUTOKA TO LOMAIVUNA
02/06/2011:
Making hay while the sun shines
02/06/2011:
New customer service opening hours
17/06/2011:
Taking the countryside online
24/06/2011:
Savirio makes good
06/07/2011:
Speech by GMBRS, Nafitalai Cakacaka on the ocassion of the signing of the SEFP MOU with the World Bank
20/07/2011:
Shared experience by Wainibuka Secondary school student Aritea Tabucakau on the 2010 Money $mart" task
29/07/2011:
FDB raises $1,180 for the kids with Cancer
04/08/2011:
FDB posts $2.36M profit for 2010
30/08/2011:
2011 Small business awards to inspire innovation
12/10/2011:
Locals Inc. - Jewel Bubble Divers
13/10/2011:
Yaz Benefits from Mixed Farming
20/10/2011:
A Woman in a Man's World
23/01/2012:
Home Loan Interest Rate Reduced
24/01/2012:
Soap Manufacturer Captures Rural Market
31/01/2012:
FDB Offers RBF's Flood Rehabilitation Facility
31/01/2012:
FDB Recognises Enormous Task Ahead
10/02/2012:
Meena's Vision
10/02/2012:
Bank Donates to PM's Flood Relief Appeal
15/03/2012:
Your Home Is Your Security
Jan
Apr
Jul
Sep
Oct
Nov
Dec
22/01/2010:
Chief Guest Speech - SBA Night
01/04/2010:
FDB Receives Dividend From Software Factory
27/07/2010:
New Appointments
27/07/2010:
Two new branches for the North
27/09/2010:
FDB launches 2010 Small Business Awards
29/09/2010:
FDB Posts $3.48M Profit for 2009
22/10/2010:
A FEATURE: KORO- FORNIA DREAMING
08/11/2010:
Branches open their doors
29/11/2010:
CEO's address at the 2010 SBA Awards
29/11/2010:
FDB client turns sacks to riches
Sep
Oct
Dec
Jan
20/10/2009:
FDB launches Small Business Awards for 2009
21/12/2009:
FDB to Assist Affected Farmers
22/01/2010:
CEO's Welcome Speech- SBA Night
22/01/2010:
2009 Small Business Awards Winners
