Suva, Fiji. The Fiji Development Bank (FDB) has warmly welcomed the announcement by the Fijian Government earlier this week on its initiative to increase prices for paddy. This means that more than 500 rice farmers in Fiji will greatly benefit from such a timely incentive.
The Prime Minister and Minister for Public Enterprise, the Hon. Sitiveni Rabuka, stated that, “the Coalition Government is committed to revitalizing not only the rice industry but other agricultural sectors that have huge potential.”
Aligning with the Government’s objectives, FDB’s mandate is to “give special consideration and priority to the economic development of the rural and agricultural sectors of the economy of Fiji.”
Echoing the Prime Minister’s comments, the FDB CEO, Mr. Saud Minam, highlighted that the Bank encourages self-sufficiency in food security, and to not be highly dependent on exports.
“FDB’s loan products serve the needs of farmers in order to be long-term sustainable food providers. FDB has been supporting farmers through Sustainable Financing under the umbrella of Agriculture Value Chain and provides Digital Financial Literacy programs for a better future. The Bank will always be ‘your partner in progress!!’”
Mr. Minam then explained that FDB had developed a custom-made product, the Rice Mobility Package, which offers financing to existing and new Fiji Rice Ltd farmers.
“FDB’s ‘Rice Mobility Package’ has an interest rate as low as 4.99% per annum for rice farmers. The loans range anywhere from between $5,000 to $250,000 for farmers with a lease. Loans are also available to existing rice farmers that farm on land without a lease or title.”
“This allows them to either start or expand their farming operations and to invest in improving efficiency either through machinery, equipment, or labour. FDB’s ‘Rice Mobility Package’ can now help farmers boost operations through this new financial solution,” he continued.
FDB’s loan product supports rice farmers that previously lacked access to finance due to barriers such as absence of land ownership or a guaranteed market. By cultivating a thriving agricultural sector, Fiji will, without a doubt, generate and increase revenue. This will lead to a burgeoning Fijian economy where sustainable food systems are established.
To apply for FDB’s ‘Rice Mobility Package’, applicants can conveniently do so through FDB’s website: https://www.fdb.com.fj/fiji-development-bank-fdb-rice-mobility-package/ or they can visit any FDB branch for further assistance.