Fiji is making strides towards bolstering the financial resources available to landowners with the announcement of its first development bank, set to launch by mid-2025. Solomone Nata, the chief executive officer of the iTaukei Land Trust Board (TLTB), made this announcement during the distribution of vehicles and machinery to four landowner units in Suva.
This initiative is part of a broader effort to counter rising poverty levels and enhance the involvement of iTaukei in commercial activities, already sparked by significant reforms implemented last year. To assist landowners, the TLTB has established the iTaukei Development Fund, which provides soft loans aimed at meeting the financial needs of those registered with TLTB. This fund supports sustainable utilization of land and resources through commercial agreements with TLTB.
Nata highlighted the iTaukei Wealth Fund, another initiative that is expected to yield approximately $12-$13 million annually. This fund aims to provide compensation for improvements on expiring leases and promote participation in commerce by offering capital or equity. The wealth fund will gradually build, funded by 10 percent of the lease revenues collected by TLTB.
To date, 33 out of 137 applications for the iTaukei Development Fund have been approved, amounting to $2.7 million, with $1.4 million allocated for various purposes, including agriculture and infrastructure extraction. This fund does not require a deposit and offers a favorable lending rate of 2.5 percent, further enhancing its accessibility for landowners.
This initiative is a beacon of hope for Fiji’s landowners, promising not only financial support but also empowerment through sustainable development. By fostering a more inclusive economy, Fiji could potentially reduce poverty and enhance the overall well-being of the iTaukei community. The establishment of these funds marks a significant step towards economic independence and prosperity for landowners in Fiji.
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