Ratu Naevo Farms Cooperative Limited has been assisted with a new tractor worth $77,200 by the Fijian Development Bank and the Fijian Government.
The tractor was acquired through a grant of $51,466 from the Ministry of Commerce, Trade, Tourism and Transport and a loan of about $26,000 from the FDB.
Before registering as a cooperative in December 2021, Ratu Naevo Farms Cooperative was operating as a group and 47 farmers are now part of this cooperative who are mostly engaged in vegetable, root crop, and suki farming.
FDB CEO Saud Minam says they will continue to assist small and medium-sized farmers towards the mechanization of their farms as this was part of their strategic direction.
Minam says be it individuals or cooperatives, FDB has a solution for the farmers in terms of assisting them to mechanize their farms through the purchase of farm vehicles, machinery, implements, or equipment.
He says they will continue to tailor-make financial solutions to assist farmers and businesses.
Minam also says FDB has provided the loan on easy terms and the affordable repayments will ensure farmers can work towards the growth of their crops while being able to meet their dues.
He adds with this tractor, farmers will be able to complete more tasks at the right time and will also increase their land productivity.
