The Ministry of Lands and Mineral Resources collaborated with the Fiji Development Bank (FDB) by signing a Memorandum of Understanding (MOU) aimed at enhancing the efficiency and accuracy of lease record tracking.
This partnership is set to increase access to financial assistance for state property lessees, helping them improve their lease payments and adopt innovative and flexible solutions.
Titilia Vakaoca, the Acting CEO of FDB, emphasized that while the MOU was long-awaited, certain conditions must still be met. “When clients approach the bank for loans related to leases, we need to adhere to a process that requires consent for the lease and ensures that lessees comply with their lease conditions,” she stated.
Paula Cirikiyasawa, the Permanent Secretary for Lands and Mineral Resources, underscored the significance of the MOU for leaseholders and their families. “Today’s signing is beneficial for many lease owners, enabling them to secure loans for needed leases,” she noted.
Cirikiyasawa added that this MOU paves the way for future generations to acquire land and strengthens connections with other commercial banks. “It will expedite the lease documentation process and also allow younger individuals to access land if necessary,” she explained.
The partnership between FDB and the Ministry of Lands represents a crucial advance in promoting the allocation and development of state land while managing land and mineral resources in a responsible manner.