The iTaukei Land Trust Board (TLTB), in a landmark decision, has announced the formation of the iTaukei Wealth Fund, a strategic initiative aimed at empowering landowning units (LOUs) through wealth creation. This fund represents a significant step forward at TLTB’s commitment to enhancing the economic potential and prosperity of the iTaukei communities.
The iTaukei Wealth Fund is designed to assist LOUs with selected expired leases buy back when these expire. It will also address the challenges faced by LOUs in accessing capital from commercial banks and financial institutions. The stringent requirements often imposed by these entities have historically been a barrier to development for many iTaukei landowners.
"The establishment of the iTaukei Wealth Fund is a testament to our dedication to the prosperity of our landowning communities," said the Minister for iTaukei Affairs, Hon Ifereimi Vasu. He also Chairs the TLTB Board of Trustees. "By providing easier access to capital, we are supporting land development and business initiatives.
"When our Coalition Government assumed office, one of our foremost priorities was the empowerment of our LOUs. We envisioned a future where LOUs are not solely dependent on government assistance, but are instead equipped with the tools and resources to innovate and enhance their capabilities independently. The establishment of the iTaukei Wealth Fund is a significant stride in this direction. It embodies our commitment to fostering self-reliance and prosperity among the iTaukei communities. This fund is a financial instrument that symbolizes our dedication to the growth and success of our land owning units”, added Hon. Vasu.
To operationalize this initiative, TLTB will set aside a portion of its poundage that’s usually deducted from lease monies. "This is a bold and necessary move by the TLTB," the Minister added. "Our surplus poundage over the years has provided us with a cushion, allowing us to implement this reduction without impacting our operations significantly."
"The iTaukei Wealth Fund proposal, prior to its finalization, underwent a comprehensive consultation process. It was first presented at this year's Great Council of Chiefs (GCC) meeting in Bau, where it received unanimous endorsement. Following the GCC's approval, we took the proposal to all the Bose Vanua Yasana and Provincial Council meetings. At each of these meetings, the proposal was met with widespread support, reflecting a collective commitment across various levels of our community to the vision and goals of the iTaukei Wealth Fund”, said Hon Vasu.
The iTaukei Wealth Fund is a vehicle for sustainable development, empowerment, and the realization of the aspirations of LOUs Through this initiative, TLTB will reaffirm its commitment to the advancement and prosperity of the iTaukei people.
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