The Fiji Development Bank (FDB) and Tappoo Pte Limited unveiled a ground-breaking Public-Private Partnership today, marking a significant stride in the development of Small and Medium Medium Enterprises (SMEs) in Fiji.
Under this agreement, FDB will offer financing opportunities to registered SME suppliers of Tappoo PTE Ltd, utilizing a simplified qualification criterion mutually established between the two organizations. These suppliers will have the option to obtain loans from FDB at the lowest rate of 3.99%.
While officiating at the announcement of this important collaboration, Deputy Prime Minister and Minister for Trade, Co-operatives, Small and Medium Enterprises, and Communications, Hon Manoa Kamikamica highlighted the importance of fostering robust Public-Private Partnerships and strategizing on how we can further strengthen these collaborations to maximize their impact and sustainability.
“Today, we’re seeing two powerhouses collaborate. The private sector through the Tappoo PTE Limited brings innovation, resources, and a profit-driven mindset, while the public sector through the FDB ensures inclusivity, regulation, and social responsibility – a beautiful synergy and the best of both worlds,” said the Hon Deputy Prime Minister.
“This PPP, like any other will offer a unique opportunity to share risks and mitigate potential challenges. By distributing the risks between the stakeholders, we can foster an environment encouraging investment and sustainable growth, thus creating a more conducive environment for SMEs to thrive.”
FDB CEO, Mr Saud Minam highlighted that this collaboration aims to explore the potential of Public-Private Partnerships in Fiji’s financial sector.
“In the case of Fiji, the utilization of Public-Private Partnerships within the sphere of financial institutions, particularly in the context of providing support and financing to Small and Medium Enterprises (SMEs), remains an untapped opportunity. The partnership between FDB and Tappoo Group of Companies represents an important step into this arena, with a focus on tailoring facilities to effectively address the unique challenges and requirements of the local business environment.”
Chairman of Tappoo Pte Limited, Mr Kanti Tappoo stated “The collaboration between the two organisations is a significant step forward in our collective mission to empower local businesses and contribute contribute to Fiji’s economic growth. This partnership emphasizes our commitment to fostering an environment where innovation, entrepreneurship, and inclusive development can thrive, ensuring a prosperous and sustainable future for our nation.”