The iTaukei Land Trust Board (TLTB) has made significant progress in supporting local agriculture through its Wealth Fund, assisting 120 farmers since its inception. Established in 2023, this financial initiative aims to empower landowners to engage in business and farming ventures by providing accessible funding channels.
During a recent presentation before the Standing Committee on Social Affairs, TLTB CEO Solomone Nata shared that as of January 2024, 10% of lease revenue has been allocated to this Wealth Fund. This fund is particularly targeted at iTaukei individuals who encounter challenges in obtaining loans from commercial banks, allowing them to pursue entrepreneurial opportunities.
The Wealth Fund offers loans at a competitive interest rate of 2.5%, with collateral secured through lease income or land titles. With nearly five million dollars distributed so far, the fund has facilitated investments in various agricultural activities, including dairy farming, livestock purchases, fencing, and essential equipment.
Nata highlighted specific examples of success, noting that funding has been directed towards assisting dairy farmers in regions like Rewa and Tailevu. The program has not only improved agricultural practices but has also seen the recovery of one million dollars from the initial dispersal.
This initiative represents a significant shift in TLTB’s role, expanding beyond mere land administration to actively empower landowners to generate income from their own resources. The Wealth Fund stands as a testament to the commitment to bolster the local economy and improve the livelihoods of iTaukei communities. Through such efforts, there is a positive outlook for sustainable agricultural development and financial independence among landowners in the region.
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