Indigenous landowners in Fiji are poised to bolster their economic initiatives with the introduction of the iTaukei Resource Owners Support and Development Fund, a significant government investment of $3 million. Announced by Minister for iTaukei Affairs Ifereimi Vasu, this fund aims to support 60 projects throughout the year, including 40 new ventures, which illustrates a strong emphasis on sustainable economic growth within the indigenous community.
This initiative is a collaborative effort involving the government, Merchant Finance Limited, and the Fiji Development Bank. It primarily targets mataqali, yavusa, and their associated companies that meet specific criteria, such as proper registration, robust business plans, sound governance, and community support. By unlocking the potential of land and resources, the fund is expected to play a crucial role in generating wealth within these communities.
Minister Vasu referenced the positive impact of previous initiatives, highlighting that last year, 11 projects valued at $291,000 were approved through Merchant Finance Limited. Additionally, the Tailevu Provincial Company successfully secured a $3 million facility from the Fiji Development Bank at a subsidized interest rate. These financial supports not only empower individual entrepreneurial ventures but also foster collective action among landowners, paving the way for more substantial impacts.
To ensure the effective implementation of the fund, a Project Management Unit will be established, tasked with providing oversight and training for beneficiaries, thereby maintaining accountability and success. This initiative builds upon the substantial support already delivered by the iTaukei Development Fund operated by the iTaukei Land Trust Board, which has assisted 23 landowning units across nine provinces and seven cooperatives, showcasing a collaborative approach to economic empowerment.
Vasu emphasized the importance of thorough vetting of applications, which will consider legal standing, financial health, and community backing, ensuring that funding is directed to viable and sustainable business ventures. He expressed optimism about the transformative potential of this initiative, noting how both the Ministry’s fund and the TLTB’s fund will function synergistically to provide meaningful opportunities for landowners.
This funding initiative arrives at a pivotal moment, as many iTaukei individuals are grappling with economic challenges. By facilitating access to essential resources and financial support, there is considerable hope for improving the livelihoods of indigenous communities. As a result, this initiative not only aims to foster economic independence among the iTaukei people but also contributes positively to the broader economic landscape of Fiji, heralding a brighter future characterized by resilience and prosperity.