Landowners involved in the Vuma housing project on Ovalau Island will have access to funding through Merchant Finance’s Vanua Finance program. This initiative, which provides financial support for housing development, comes at a crucial time as the project has faced delays for several months.
Opposition Leader Inia Seruiratu raised concerns about the status of the project during a recent inquiry addressed to iTaukei Affairs Minister Ifereimi Vasu. He questioned the support available to landowners to expedite the development process, noting that it seems the project has been stagnating.
Responding to these concerns, Minister Vasu highlighted that the Vanua Finance program is designed specifically to assist landowners with project funding. He mentioned additional collaboration with Financial institutions like Fijian Holdings and the Fiji Development Bank (FDB) to facilitate these developments. Through this collaboration, landowners can leverage their property value as part of their financial contribution, allowing them to access the necessary funds to progress their projects.
Merchant Finance’s framework allows for landowners to submit a well-structured business plan to obtain the required financing, illustrating a path forward for the Vuma housing initiative.
This initiative aligns with other recent efforts by Merchant Finance to enhance housing availability in Fiji, including previous launches of loan products aimed at facilitating land subdivision and providing financial assistance to indigenous communities. With a total of $16 million allocated to support various housing projects, these efforts could significantly contribute to easing the housing crisis while promoting economic growth and stability for Fijian families.
The ongoing support for landowners through the Vanua Finance initiative is a hopeful indication of progress and an opportunity for community development, ultimately fostering a brighter future for those involved in housing projects across the nation.
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