Merchant Finance Ltd (MFL) has ambitious plans to deliver a total of 299 residential lots from its existing land subdivision projects and aims to add another 2,000 lots over the next three years through its newly launched Vanua Finance initiative. According to CEO Veilawa Rereiwasaliwa, MFL has already financed 104 iTaukei-owned businesses with approximately $11 million since the launch of Vanua Finance last July, focusing on areas such as land subdivision, tourism, gravel extraction, and commercial property development.
While the new land subdivision loan product is accessible to both iTaukei and non-iTaukei landowners, government subsidies are exclusively available to iTaukei individuals. The Fijian government has allocated $3 million for interest subsidies, which will primarily support loans provided through MFL.
Mr. Rereiwasaliwa noted that three land subdivision projects have been completed in key locations such as Wainibuku in Suva, Votualevu, and Vuda in Nadi, with additional projects underway. Currently, MFL is processing ten more applications for land subdivision loans, focusing mainly on landowners transitioning from expired sugar cane leases to subdivision projects.
This initiative not only addresses the housing shortage in Fiji but also seeks to foster economic growth by creating job opportunities in engineering, construction, and related sectors. The successful implementation of these loan products reflects a commitment to improving living conditions for indigenous communities while encouraging regional economic activity.
The overarching goal is to enhance land and housing availability, a critical step towards securing futures and improving quality of life for many families in Fiji, thus promoting a hopeful outlook for community development and economic empowerment across the nation.
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