The Ministry of Lands and Mineral Resources has signed a Memorandum of Understanding (MOU) with the Fiji Development Bank (FDB) aimed at enhancing the efficiency and accuracy of lease record management. This collaboration is set to improve access to financial assistance for state property lessees, facilitating better lease payments and fostering innovative, flexible financial solutions.
Titilia Vakaoca, Acting CEO of FDB, mentioned that while the MOU signing has been anticipated, specific conditions must still be adhered to. “When clients approach the bank for loans based on their leases, we must follow protocol, which includes obtaining consent for the lease and ensuring that lessees fulfill their lease obligations,” she stated.
The Permanent Secretary for Lands and Mineral Resources, Paula Cirikiyasawa, emphasized the significance of the MOU for leaseholders and their families. “Today’s signing is beneficial for many lease owners as it enables them to obtain loans for their leases,” she explained. Cirikiyasawa further noted that the MOU paves the way for future generations to access land and strengthens connections with other commercial banks.
“This MOU will expedite the documentation process for leases while also providing opportunities for younger generations to secure land if necessary in the future,” she added.
The partnership between FDB and the Ministry of Lands marks a vital advancement in the responsible management of state land allocation and development of land and mineral resources.