Indigenous landowners in Fiji are set to enhance their economic development and entrepreneurial initiatives through a newly announced $3 million government fund known as the iTaukei Resource Owners Support and Development Fund. Minister for iTaukei Affairs Ifereimi Vasu revealed that the fund aims to support 60 projects this year, which includes 40 new ventures, demonstrating a strong commitment to fostering sustainable economic growth within the indigenous community.
The fund is a collaboration between the government, Merchant Finance Limited, and the Fiji Development Bank. It specifically targets mataqali, yavusa, and their associated companies that meet certain criteria, including proper registration, sound business plans, solid governance, and community backing. This initiative seeks to unlock the potential of land and resources, ultimately contributing to wealth generation in the community.
Vasu highlighted the progress made under similar initiatives in the past, mentioning that last year, 11 projects with a total value of $291,000 were approved through Merchant Finance Limited, while Tailevu Provincial Company successfully secured a $3 million facility from the Fiji Development Bank at a subsidized interest rate. Such financial support not only enhances individual entrepreneurial efforts but also encourages collective action among landowners.
Furthermore, a Project Management Unit will be established to provide oversight and training to beneficiaries, ensuring that accountability and success are maintained. This is a critical measure as it follows the significant support already provided by the iTaukei Development Fund operated by the iTaukei Land Trust Board. This fund has aided 23 landowning units across nine provinces and seven cooperatives, emphasizing a collaborative approach to economic empowerment.
Minister Vasu elaborated that thorough vetting of applications will be conducted based on legal standing, financial health, and community support, ensuring that only viable and sustainable business ventures receive funding. He expressed optimism about the initiative’s potential to create lasting economic changes, stating that both the Ministry’s fund and the TLTB’s fund will work in harmony to provide transformative opportunities for landowners.
This initiative comes at a crucial time, as many iTaukei individuals continue to face economic challenges. By providing access to necessary resources and financial support, there’s hope for significant improvement in the livelihoods of indigenous communities, paving the way for a future characterized by economic independence and resilience. With these efforts, the iTaukei community looks forward to a brighter and more prosperous economic landscape, enhancing not only their individual circumstances but also contributing positively to Fiji’s overall economy.