Fiji is experiencing a transformative shift in its business environment, supported by the Asian Development Bank’s (ADB) Frontier initiative, which targets businesses with promising growth potential of 20% annually. This initiative offers seed funding ranging from USD 50,000 to USD 200,000, featuring flexible repayment options based on revenue rather than traditional fixed terms.
Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, emphasized the initiative’s role in fostering growth among medium enterprises and generating job opportunities, thereby strengthening Fiji’s overall business ecosystem. He stated that such businesses can act as economic “anchors,” benefiting smaller enterprises by creating jobs and stimulating local economies through their expansive economic impact.
Matthew Viner, the ADB Frontier Platform Manager, highlighted the initiative’s goal of propelling businesses, particularly in the blue economy and sustainable sectors. He reiterated the importance of supporting companies that align with sustainability objectives to ensure a long-term positive effect on the Pacific region.
One notable beneficiary of this initiative is Kahuto Pacific, which has utilized the funding to improve its operations and contribute to climate adaptation efforts in Fiji. Christopher Saili, the Managing Director, indicated that the funding has been invaluable, making their organization investment-ready and expanding their network.
In addition, a significant legislative milestone is on the horizon with the Access to Business Funding Bill 2025, which, if approved by Parliament, will position Fiji as the first Pacific nation to enact laws facilitating capital raising through Small Offers, Peer-to-Peer Lending, and Crowdfunding. This aligns with the government’s commitment to enhance financial accessibility for entrepreneurs, particularly those in underserved areas.
This initiative and legislative movement reflect a hopeful commitment to fostering a vibrant entrepreneurial ecosystem, empowering local businesses and enhancing Fiji’s economic resilience.
Overall, the collaboration between the ADB Frontier initiative and the government’s legislative efforts indicates a positive direction for Fiji’s economy, creating opportunities for growth and sustainability while supporting local enterprises.
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