The Fijian Government will be issuing its new bond, called the Fiji Infrastructure Bond (FIB) in the domestic capital market from February 2012.
Government plans to raise a total of $195 million in 2012 through the issuance of the FIB, with maturities ranging from 2 years to 15 years.
The objective of the bond is to fund Government’s capital infrastructure programs that are outlined in the 2012 National budget.
The bonds will be used entirely for key capital projects to be implemented this year, including the:
- construction and maintenance of roads,
- upgrading of ports and jetties,
- continuation of the rural electrification projects,
- upgrading of school buildings and classrooms,
- upgrading and maintenance of hospitals around the country; and
- purchase of new medical machines and equipments as well as Divisional developmental projects.
Ministry of Finance permanent secretary Mr Filimone Waqabaca said the new FIB will replace the existing Fiji Development Loan bonds. Mr Waqabaca said the change reflects Government’s commitment to its citizens and portrays its willingness to develop Fiji’s infrastructure which will promote economic growth and development, improve connectivity and minimize rural-urban migration.
This investment opportunity is open to the general public including individual retail investors, Tikinas, Provincial Councils as well as institutional investors.
The issuance program, along with copies of the FIB prospectus and application forms are available from the Ministry of Finance at Level 6, Ro Lalabalavu House and from the Domestic Markets Unit, Tower 2, Reserve Bank of Fiji Building. Electronic copies of the aforementioned are also available online at either www.finance.gov.fj or www.rbf.gov.fj