Launch of the Ginger loan facility
More ginger growers are expected to take advantage of a loan facility as the government subsidizes part of the interest rate. “The government is paying a lot of the loan interest rate on behalf of the farmers, because the interest rate is around 12 percent,” Attorney General and Economy Minister Aiyaz Sayed-Khaiyum said yesterday. , at the launch of the Fiji Development Bank. 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 Managing Director Saud Minam during the talanoa session after the launch of the FDB Ginger Loan Facility in Lomaivuna, Naitasiri on May 26, 2022. Photo: Leon Lord.
More ginger growers are expected to take advantage of a loan facility as the government subsidizes part of the interest rate.
“The government pays a large portion of the loan interest rate on behalf of the farmers, as the interest rate is around 12%Attorney General and Minister of Economy Aiyaz Sayed-Khaiyum said yesterday at the launch of the Development Bank of Fiji’s Ginger Loan Facility in Lomaivuna, Naitasiri.
“Farmers will pay an interest rate of 4.99%,” he said.
Mr. Khaiyum said ginger is a much sought-after agricultural product because of its benefits.
Fiji Development Bank managing director Saud Minam said the bank supports small entrepreneurs and farmers.
The Ginger Loan Facility was developed under the Agriculture Value Chain Facility (ACVF).
Mr Minam said the institution had approved more than $1 million worth aid in the form of a loan to ginger growers.
The facility is specifically designed for new and existing ginger growers who can take advantage of the 4.99% interest rate per year, with loans up to $50,000.
“For the loan facility to be accessible to the rural area, we need to access 4G and 5Gbecause the applications are available through the online portal,” Mr. Minam said.
“The bank uses 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 growers,” he said. declared.
FDB has adopted new technology, where payments are made online and loans are disbursed via M-PAiSA and MyCash.
Farmer Mesulame Titifanua, a ginger grower for seven years, said the business was lucrative.
“The income is rewarding as the profits from growing ginger have enabled me to expand our family home and also improve our livelihoods,” Mr. Titifanua said.
Feedback: [email protected]