Cabinet has approved a $120.00 million Government Guarantee for the Fiji Development Bank’s (FDB) borrowings and term deposits for the twelve-month period from 1 January to 31 December 2014.
Cabinet based its decision on a submission by the Prime Minister and Minister for Finance, Commodore Voreqe Bainimarama.
The 2014 Government guarantee will allow for the continued facilitation of the Government’s policy by lending to essential sectors of the economy, particularly, resource-based sectors including Agriculture, Mining and Quarrying, Manufacturing, Transport, Communications and Storage, Small and Micro Enterprises (SME) in Wholesale, Retail and Hotels, and Professional and Business Services which will assist the disadvantaged of the community to earn a decent livelihood.
It will also allow the Bank to continue lending to the resource based sector will assist in the development of the Agricultural sector and in the long run will assist the development of the economy.
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