Fiji Development Bank Wins Two Prestigious Awards at 2024 ADFIAP Annual Meetings

Suva, Fiji – The Fiji Development Bank (FDB) has been honored with two significant accolades at the recent 2024 ADFIAP Awards during the 47th ADFIAP Annual Meetings in Phnom Penh, Cambodia.

The Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) is the focal point for development banks and financial institutions engaged in development financing in the Asia-Pacific region. Founded in 1976, ADFIAP has 90 member institutions across 40 countries, with a mission to advance sustainable development.

FDB received the Winner, Category 3: SME Development award for the ‘FDB Small and Medium Enterprise Sustainability Package.’ Additionally, the Bank was granted the Merit Award, Category 7: Local Economic Development for the ‘FDB Loan for Women Entrepreneurs.’ These awards were accepted by the FDB CEO, Mr. Saud Minam, during the Awards Night.

These awards reflect FDB’s commitment to supporting small and medium enterprises (SMEs) and women entrepreneurs in Fiji. This support directly benefits local communities by creating jobs and fostering economic independence. Some of the Bank’s loan products include the Ginger Loan Facility, Sugarcane Farmers Special Loan Facility, Rice Mobility Package, and Dairy Farming Loan.

As Chairman of the ADFIAP, Mr. Minam emphasised the urgent need for sustainable solutions to combat climate change in his opening remarks at the Annual Meetings. He highlighted the importance of collective action to support those suffering from natural disasters globally.

“We are committed to aligning our discussions with the priorities and goals outlined in COP 28, as we understand the critical importance of fostering a climate-smart and sustainable future for generations to come. Through our collective expertise, innovative ideas, and shared dedication to sustainable finance, we aim to make meaningful contributions towards a more resilient and environmentally responsible global economy,” he said.

While attending the meetings, Mr. Minam presented on Climate-Smart Practices, drawing attention to the major carbon-emitting sectors in Fiji, which include Energy, Agriculture, Forestry, and Waste. The energy sector is the largest emitter, responsible for 59% of Fiji’s emissions. Within the energy sector, land transport accounts for 64% of emissions, and electricity accounts for the remaining 36%. The agriculture sector contributes 22% of emissions, forestry 15%, and waste 4%.

He then shared FDB’s climate-smart initiatives, highlighting the SME Sustainability Package and the Sustainable Energy Financing Facility, which support renewable energy projects.

The 47th ADFIAP Annual Meetings served as a platform for in-depth discussions, knowledge sharing, and collaborative efforts aimed at addressing pressing climatic challenges. FDB remains dedicated to driving sustainable development and supporting the economic growth of Fiji’s communities.