Fiji is set to introduce its first development bank specifically for landowners by mid-2025, as announced by Solomone Nata, the chief executive officer of the iTaukei Land Trust Board (TLTB). This initiative comes in response to significant shifts implemented last year aimed at addressing rising poverty levels and enhancing the involvement of iTaukei people in commercial enterprises.
At a recent event in Suva, Mr. Nata highlighted that landowners registered with TLTB have begun to benefit from the new iTaukei Development Fund, which is a soft loan facility established last year to fulfill the financial needs of landowners. This initiative coincides with the establishment of the iTaukei Wealth Fund, designed to provide self-sustaining financial support for landowners’ commercial activities. The Wealth Fund will generate an estimated $12-$13 million annually, aiding in compensating improvements for expiring leases and facilitating commercial participation by offering capital or equity.
As part of the TLTB’s strategy, a startup fund of $5 million for the iTaukei Development Fund has been allocated to assist landowners in maximizing the use of their land and resources through commercially viable agreements with TLTB. So far, 33 applications totaling $2.7 million have been approved, with funding allocated to various sectors including farming, livestock, and sand/gravel extraction. Notably, the development fund provides loans without a deposit requirement and features an appealing interest rate of 2.5 percent.
This initiative is a significant step towards empowering Fiji’s landowners and could foster greater economic participation among the iTaukei community, promising a brighter future.
In a hopeful light, the establishment of these funds indicates a commitment to social upliftment and economic growth among landowners, potentially leading to wider benefits for the Fijian economy as a whole.
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