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More ginger farmers are expected to capitalise on a loan facility as the Government subsidises part of the interest rate.
“The Government is paying much of the interest rate of the loan on behalf of the farmers, as the interest rate is about 12%,” Attorney-General and Minister for Economy, Aiyaz Sayed-Khaiyum, said yesterday as he launched Fiji Development Bank’s ginger loan facility in Lomaivuna, Naitasiri.
Attorney-General
and Minister for
Economy, Civil
Service, Communications,
Housing and Community
Development, Aiyaz
Sayed-Khaiyum
,with Fiji Development
Bank Chief Executive Officer, Saud Minam, during the talanoa session after the launch of FDB’s ginger loan
facility at Lomaivuna,
Naitasiri, on May
26, 2022. Photo: Leon Lord.
More ginger farmers are expected to capitalise on a loan facility as the Government subsidises part of the interest rate.
“The Government is paying much of the interest rate of the loan on behalf of the farmers, as the interest rate is about 12%,” Attorney-General and Minister for Economy, Aiyaz Sayed-Khaiyum, said yesterday as he launched Fiji Development Bank’s ginger loan facility in Lomaivuna, Naitasiri.
“Farmers will pay an interest rate of 4.99%,” he said.
Mr Khaiyum said that ginger was an agricultural item that was highly sought-after because of its benefits.
Fiji Development Bank Chief Executive Officer, Saud Minam, said the bank supported small business entrepreneurs and agricultural farmers.
The ginger loan facility was developed under the agriculture value chain facility (ACVF).
Mr Minam said that the institution had approved over $1 million worth loan assistance to ginger farmers.
The facility is specifically designed for new and existing ginger farmers who can take advantage of the 4.99% interest rate per annum, with loans up to $50,000.
Farmers during the talanoa session after the launching of the FDB’s ginger loan facility at the Lomaivuna sub-sector six community hall in Naitasiri, on May 26, 2022. Photo: Leon Lord
“In order for the loan facility to be accessible to the rural area, we must access 4G and 5G, as the applications are available through the online portal,” Mr Minam said.
“The bank is using different channels to ensure that farmers have access to it.”
“The signing of the memorandum of understanding with two export companies, Kaiming Agro Processing Limited and Frespac Ginger (Fiji) Pte Limited, is a sign that FDB continues to provide financial assistance to ginger farmers,” he said.
FDB has adopted new technology, where payments are made online and loans are disbursed through M-PAiSA and MyCash.
Farmer Mesulame Titifanua, a ginger farmer for the past seven years, said the business was lucrative.
“The earnings are rewarding, as the profits have earned from ginger farming have allowed me to extend our family home, and also improve our livelihood,” Mr Titifanua said.
Feedback: laisa.kabulevu@fijisun.com.fj
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