The Ministry of Lands and Mineral Resources has entered into a Memorandum of Understanding (MOU) with the Fiji Development Bank (FDB) to enhance the efficiency and accuracy in tracking lease records. This collaboration aims to improve access to financial support for state property lessees, thereby facilitating better lease payments and promoting innovative and flexible solutions.
Titilia Vakaoca, the Acting CEO of FDB, acknowledged that the MOU signing was a long-awaited event and emphasized the need for certain conditions to be met. She stated that when clients approach the bank for loans based on leases, it is essential to obtain consent for the lease and verify that lessees comply with its terms.
Paula Cirikiyasawa, the Permanent Secretary for Lands and Mineral Resources, underscored the significance of the MOU for leaseholders and their families. She noted that this agreement provides an opportunity for many lease owners to secure loans for their leases.
Cirikiyasawa further explained that the MOU not only streamlines the lease documentation process but also paves the way for future generations to acquire land, while fostering relationships with other commercial banks.
The partnership between the FDB and the Ministry of Lands marks a pivotal development in the promotion of state land allocation, responsible management of land and mineral resources, and the advancement of development initiatives.