Deputy Prime Minister and Finance Minister Professor Biman Prasad officially launched three new initiatives aimed at supporting rural farmers during an event in Ba on Saturday. This multifaceted event included the signing of agreements with the United Nations Capital Development Fund (UNCDF) and the introduction of a house fire insurance cover by Sun Insurance Fiji Ltd, as well as a loyalty program partnership with Ba Motor Parts.
The UNCDF, a partner to Fiji since 2008, is providing a grant of $US148,000 (approximately $F330,000) to the Sugar Cane Growers Fund. This funding will facilitate two significant initiatives: a social security savings scheme known as ‘5s,’ created in collaboration with the Unit Trust of Fiji, and a digital platform for emergency loans of up to $2000 available through M-PAisa.
Additionally, Professor Prasad launched a new insurance package from Sun Insurance, effective September 1, which is tailored to protect rural communities against structural damages caused by house fires and other specified risks. This package provides coverage for fire, volcanic eruptions, earthquakes, tsunamis, and lightning at a premium of $140 annually for $20,000 in coverage, or $169 for $30,000, with added benefits such as funeral costs and death benefits.
Another highlight was the introduction of the SCGF Loyalty Program in partnership with Ba Motor Parts, now the 22nd partner in this initiative. This program offers a 12.5 percent discount on spare parts, which, in conjunction with a 2.5 percent VAT reduction, results in a total savings of 15 percent for participating farmers.
SCGF board chairman Ahemad Bhamji announced that the revolving loans provided through the mobile platform would be unprecedented for growers, marking a significant step forward in financial support for the agricultural sector.
Thus far, 2092 farmers have registered for this program since its launch in December 2024, marking a promising response to initiatives aimed at strengthening the financial resilience of farmers.
These developments represent a concerted effort to enhance support for Fiji’s agricultural community, reinforcing its economic foundation while providing crucial resources to rural farmers. The initiatives reflect a hopeful trajectory for the industry as they directly address financial and structural challenges faced by the sector.
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