Government of the Republic of Fiji
Government of the Republic of Fiji
04/19/2024 | Press release | Distributed by Public on 04/18/2024 16:08
FHL COMPLETES FEASIBILITY STUDY FOR NEW...
Fijian Holdings Limited (FHL), in collaboration with the Ministry of iTaukei Affairs, has successfully completed a comprehensive feasibility study concerning the establishment of a dedicated Resource Owners' and MSME Investment Fund in Fiji. This initiative, strongly supported by the Great Council of Chiefs (GCC), the iTaukei Resource Owners Forum, and the Government, aims to enhance financial inclusivity and economic empowerment for iTaukei resource owners and local micro, small, and medium enterprises (MSMEs).
The feasibility study, conducted by Invexa Business Solutions Ltd and partly funded by the government through the Ministry of iTaukei Affairs, has determined a robust business case for establishing a bank that caters specifically to the unique needs of resource owners and MSMEs. As a result of the findings, the report amongst others, recommends transforming Merchant Finance Limited to provide tailored lending facilities to this segment.
The Honourable Minister for iTaukei Affairs, Culture, Heritage and Arts, Mr. Vasu, expressed his satisfaction with the outcomes of the study. "When I assumed office, my primary concern addressed to FHL was about devising ways to lower the barriers for resource owners to access financial services. I am delighted to announce that the feasibility study supports the viability of such an initiative and outlines the strategic steps to implement it effectively," said Minister Vasu.
During the handover of the report, Mr. Jaoji Koroi, Group Chief Executive Officer of FHL, highlighted the significance of the Solesolevaki Framework in enabling this important study. Mr. Koroi stated, "FHL is committed to supporting the government's efforts in boosting the economic potential of our resource owners and enhancing the growth of MSMEs through accessible financial services. This initiative is linked directly to the purpose for the establishment of FHL, which is to accelerate iTaukei's participation in business."
Minister Vasu has assured that the key recommendations of the feasibility study will be presented to the Cabinet for further deliberation and action. The Report also pointed out that there are areas that the Government needs to address including setting up of a robust credit-enhancement scheme and incubator/accelerator training facilities. Minister Vasu emphasized, "Resource owners now have another viable option in Merchant Finance Ltd. This initiative answers my initial query to FHL and also paves the way for significant economic advancement for our communities."
This development promises to mark a transformative step in the financial landscape of Fiji, fostering greater economic resilience and prosperity among iTaukei communities and entrepreneurs.
The feasibility study, conducted by Invexa Business Solutions Ltd and partly funded by the government through the Ministry of iTaukei Affairs, has determined a robust business case for establishing a bank that caters specifically to the unique needs of resource owners and MSMEs. As a result of the findings, the report amongst others, recommends transforming Merchant Finance Limited to provide tailored lending facilities to this segment.
The Honourable Minister for iTaukei Affairs, Culture, Heritage and Arts, Mr. Vasu, expressed his satisfaction with the outcomes of the study. "When I assumed office, my primary concern addressed to FHL was about devising ways to lower the barriers for resource owners to access financial services. I am delighted to announce that the feasibility study supports the viability of such an initiative and outlines the strategic steps to implement it effectively," said Minister Vasu.
During the handover of the report, Mr. Jaoji Koroi, Group Chief Executive Officer of FHL, highlighted the significance of the Solesolevaki Framework in enabling this important study. Mr. Koroi stated, "FHL is committed to supporting the government's efforts in boosting the economic potential of our resource owners and enhancing the growth of MSMEs through accessible financial services. This initiative is linked directly to the purpose for the establishment of FHL, which is to accelerate iTaukei's participation in business."
Minister Vasu has assured that the key recommendations of the feasibility study will be presented to the Cabinet for further deliberation and action. The Report also pointed out that there are areas that the Government needs to address including setting up of a robust credit-enhancement scheme and incubator/accelerator training facilities. Minister Vasu emphasized, "Resource owners now have another viable option in Merchant Finance Ltd. This initiative answers my initial query to FHL and also paves the way for significant economic advancement for our communities."
This development promises to mark a transformative step in the financial landscape of Fiji, fostering greater economic resilience and prosperity among iTaukei communities and entrepreneurs.