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 of tracking lease records.
This collaboration aims to improve access to financial assistance for state property lessees, facilitating better lease payments and the implementation of innovative, flexible solutions.
Titilia Vakaoca, the Acting CEO of FDB, noted that the signing of the MOU has been anticipated for some time, but specific conditions still need to be followed. “When clients approach the bank for loans related to leases, we must ensure that consent for the lease is granted and that the lessees adhere to the lease conditions,” she explained.
Paula Cirikiyasawa, the Permanent Secretary for Lands and Mineral Resources, emphasized the significance of the MOU for leaseholders and their families. “This signing is advantageous for many lease owners as it enables them to access loans for their leases,” she stated.
Cirikiyasawa added that the agreement paves the way for future generations to secure land and fosters connections with other commercial banks. “This MOU will expedite the lease documentation process, while also providing opportunities for the younger generation to acquire land as needed in the future.”
The partnership between the FDB and the Ministry of Lands is a crucial advancement in promoting the allocation and development of state land while ensuring responsible management of land and mineral resources.