FDB launches enhanced Dairy Farming Loan facility to strengthen dairy industry and support farmers financial needs

(L-R) FCDCL CEO, Mr Kushmendra Prasad, FDB CEO Mr Saud Minam, Minister for Agriculture and Waterways Hon Vatimi Rayalu, Permanent Secretary for Agriculture and Waterways, Dr Andrew Tukana.

In alignment with the Government’s specific focus on the growth and development of the dairy industry, the Fiji Development Bank (FDB) has taken a significant step by redesigning its Dairy Farming Loan and integrating it into the Agriculture Value Chain Financing (AVCF) model.

Recognizing the essential role of the dairy industry in ensuring food security, economic growth, and rural development, the FDB’s initiative aims to provide enhanced support to dairy farmers.

While officiating at the launch of FDB’s, Dairy Farming Loan facility in Nausori this morning, Minister for Agriculture, Hon Vatimi Rayalu highlighted that FDB, being a crucial partner in the agricultural sector, has recognized the need for a dedicated and tailored financing solution for our dairy farmers.

“This initiative not only aligns with the Government’s priority of ensuring food and nutritional security but also demonstrates our commitment to the growth of the dairy industry and the welfare of our farmers. We firmly believe that through strategic partnerships and targeted interventions like the Dairy Farming Loan under the AVCF model, we can create a more sustainable and resilient dairy sector,” said Hon Minister Rayalu.

FDB CEO Mr Saud Minam said by incorporating the Dairy Farming Loan into the AVCF model, the FDB aims to contribute to the government’s priority of strengthening the dairy industry as a whole.

He said the AVCF model emphasizes the importance of a well-coordinated and integrated approach, considering the entire value chain from farm to market.

Mr Minam further stated that this facility allows for loans of up to $100,000.00 to be obtained for a range of purposes with an interest rate of 4.98 per cent.

CEO Minam thanked Fiji Cooperative Dairy Company Limited (FCDCL) for collaborating with the development bank on this important initiative. He emphasized the importance of the Memorandum of Understanding (MoU) between FDB and FCDCL as a significant step towards linking farmers, suppliers, and financial service providers.

“This Dairy Farming Loan facility comes with several key features and benefits that address the specific needs of our dairy farmers. With flexible financing options, competitive interest rates, and loan repayment structures tailored to the industry’s requirements, we aim to make financial assistance easily accessible to those who need it the most.”

“The redesigned Dairy Farming Loan facility by the FDB is a testament to this commitment and seeks to address the unique financing needs of dairy farmers across Fiji. This facility will assist farmers in modernizing their operations, improving animal husbandry practices, and enhancing the quality of milk production,” Mr Minam added.

Applications will open next week Friday, 08 September 2023 through the FDB website www.fdb.com.fj