The iTaukei Land Trust Board (TLTB) has made significant strides in managing and investing funds on behalf of native landowning units, with over $118 million allocated through various financial instruments including term deposits, shares, and overseas investments. This strategic financial management has generated an average annual interest of about $3.25 million, showcasing TLTB’s commitment to reinvesting landowners’ funds for their benefit and that of future generations.
Recently, TLTB faced criticism from a member of one of Fiji’s largest landowning units regarding its decision to withhold $750,000 from a $3 million premium intended for a land lease related to a specialist hospital project between Fiji and India. Landowner Loata Raibevu expressed concern over TLTB’s authority to deduct this amount for “reinvestment” purposes. However, TLTB maintains that its actions adhere to the iTaukei Land (Trust Fund Investment) Regulations 2004, which grants it explicit permission to invest landowners’ funds. TLTB’s CEO, Solomoni Nata, emphasized that their investment decisions are grounded in transparency and aimed at fostering sustainable benefits for iTaukei landowners.
Nata highlighted the need to enhance investment behaviors among iTaukei people, stating, “iTaukei level of consumption is very high and investment very low,” indicating the necessity for a shift towards more proactive financial engagement to ensure meaningful participation in business endeavors.
In light of these financial commitments and the ongoing establishment of initiatives such as the iTaukei Development Fund and the iTaukei Wealth Fund, which are designed to provide low-interest loans to landowners, there are promising prospects for empowering the iTaukei community economically. This proactive approach aims not only to improve the financial stability of landowners but also to promote sustainable development and collective advancement within the iTaukei population, ensuring that they navigate towards a more prosperous future.
Overall, TLTB’s role as a steward of landowners’ wealth highlights an important transition towards greater economic independence and empowerment within the iTaukei community, positioning them for long-term success.
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