The Ministry of Lands and Mineral Resources in Fiji has entered into a memorandum of understanding (MOU) with the Fiji Development Bank (FDB) to enhance the efficiency and accuracy of lease record tracking.
This collaboration aims to improve access to financial assistance for state property lessees, facilitating better lease payments and the implementation of innovative, flexible solutions.
Acting CEO of FDB, Titilia Vakaoca, noted that although the MOU signing has been anticipated, specific conditions must be adhered to. “When clients approach the bank for loans related to leases, we need to follow a process that requires consent for the lease and ensures that lessees comply with lease conditions,” she explained.
Paula Cirikiyasawa, Permanent Secretary for Lands and Mineral Resources, emphasized the significance of the MOU for lease owners and their families, stating, “Today’s signing is an advantage for many lease owners because they can now access loans for the leases they need.”
Cirikiyasawa further mentioned that this MOU will pave the way for future generations to acquire land and establish connections with other commercial banks. “This MOU will fast-track the lease documentation process while also enabling younger generations to access land when needed in the future,” she added.
The partnership between FDB and the Ministry of Lands represents a crucial advancement in promoting state land allocation and development while ensuring the responsible management of land and mineral resources.