The Ministry of Lands and Mineral Resources in Fiji has signed a Memorandum of Understanding (MOU) with the Fiji Development Bank (FDB) to enhance the efficiency and accuracy of lease record tracking. This collaboration aims to improve access to financial assistance for state property lessees, facilitating better lease payments and the implementation of innovative and flexible solutions.
Titilia Vakaoca, the Acting CEO of FDB, acknowledged that the MOU has been anticipated for some time, but emphasized that certain conditions must still be followed. “When clients approach the bank for loans based on their leases, we need to adhere to a process, ensuring that lease consent is obtained and that lessees comply with lease conditions,” she stated.
Paula Cirikiyasawa, the Permanent Secretary for Lands and Mineral Resources, underscored the significance of this agreement for leaseholders and their families. “Today’s signing benefits many lease owners as it allows them to access loans for their leases,” she remarked. Cirikiyasawa further noted that the MOU paves the way for future generations to secure land and strengthens relationships with other commercial banks.
“This MOU will expedite the lease documentation process and provide opportunities for younger generations to acquire land as necessary in the future,” she added.
The partnership between the FDB and the Ministry of Lands represents an important advancement in state land allocation and development, as well as in the responsible management of land and mineral resources.