The Fiji Development Bank continues to break new grounds by providing tailor-made financing solutions for its clients.
On 26th November, the Minister for Youth & Sports Lt.Col Laisenia Tuitubou was chief guest at the ground breaking ceremony for the new vehicle servicing ramp for the Nakuita Enterprises.
Nakuita Enterprises is a business arm of the mataqali Nakuita from the Yavusa Vunivivi of Nausori village.
“To these business houses and institutions, by investing in such ventures, we underscore our shared understanding of helping potential Fijians venture into business so they help shape our economy,” Lt.Col Tuitubou said.
The $230,000 facility financed by FDB is to complement a two-storey building also owned by the company beside the new facility which will be rented by the Land Transport Authority (LTA), who will use the ramping facility for servicing vehicles.
“Such a partnership is indicative of our role as a development financier to help improve the living standards of our people. Landowners such as these are exemplary in that they have realised that the only way to fight poverty is to maximise the use of their resources,” FDB chief executive officer Mr. Deve Toganivalu said.
“This is an exemplary model in which landowners are willing to lease their own land and adding value by purchasing properties and renting these out. Eventually the lease money comes back to them and the supplementary rental income means they have more disposable income.”
The company approached the FDB earlier this year for the
re-financing of the adjacent two storey building from a local financial institution. A tenancy agreement was reached with LTA on the property, however an additional request was proposed by LTA on the inclusion of a ramping facility.
“We are committed to assisting individuals as well as groups who are genuine about development. We will be using this partnership as a model to assist other landowners with similar arrangements. Our mandate is to develop the grassroots people and that is exactly where we are gearing our business towards.”
The project is expected to be completed in early 2015 and the company is already in consultation with the FDB Nausori branch on other options of investments for their mataqali.