$4m allocated to introduce a new scheme to support iTaukei resource owners

$4 million is allocated in the 2024/2025 National Budget to a new scheme to provide interest-free loans to support the development of our iTaukei resource owners and investments by provincial holding companies.

Deputy Prime Minister, Professor Biman Prasad says they have provided $4 million which can cater for almost $60 million of interest-free loans.

He says the Fiji Development Bank and Merchant Finance have already partnered with the Government to provide loans with 3 years of interest subsidy paid by the Government.

The Minister for Finance says to support and promote indigenous-owned businesses, they will now accommodate existing Indigenous companies to qualify for tax holidays and duty concessions if they invest in the Tax-Free Regions.

He adds this incentive was previously only provided to new businesses, but they are bringing this flexibility to support our indigenous businesses.

$30.4 million is allocated to the Ministry of iTaukei Affairs in the next budget.