The Ministry of Lands and Mineral Resources in Fiji has signed a Memorandum of Understanding (MOU) with the Fiji Development Bank (FDB) aimed at enhancing the efficiency and accuracy of tracking lease records.
This collaboration is designed to improve access to financial assistance for state property lessees, thereby facilitating improved lease payments and the implementation of innovative and flexible solutions.
Titilia Vakaoca, the Acting CEO of FDB, noted that while the signing of the MOU has been anticipated for a while, certain conditions must still be met. She emphasized that when clients approach the bank for loans related to leases, a process must be followed to obtain lease consent and verify that lessees are adhering to lease conditions.
Paula Cirikiyasawa, the Permanent Secretary for Lands and Mineral Resources, underscored the significance of the MOU for lease owners and their families. She expressed that this agreement offers substantial benefits, enabling lease owners to secure necessary loans.
Cirikiyasawa further indicated that the MOU paves the way for future generations to acquire land and fosters relationships with other commercial banks. She stated that it will expedite the lease documentation process and support the younger generation’s potential land access needs.
The partnership between FDB and the Ministry of Lands is seen as a crucial move towards promoting state land allocation and responsible management of land and mineral resources.