FDB approves $1 million worth of loans to support ginger farmers

The Fiji Development Bank has so far approved $1 million worth of loans to support ginger farmers in the country.

FDB CEO Saud Minam says despite being occupied with the COVID-19 Recovery Credit Guarantee Scheme since August, the Bank has remained committed to the agriculture sector by the timely approval of loans to ginger farmers helping meet the planting season needs.

Minam says this timely financing supported development costs for clearing of land, increasing the capacity of existing farmers, meeting labour and transportation costs and purchase of seedlings for new farmers.

Minam says the bank also works in partnership with the Ministry of Agriculture and other foreign-funded organizations to provide technical knowledge and to secure markets for our farmers.

Meanwhile the FDB has also approved $57 million in loans under the COVID-19 recovery scheme so far which has benefited thousands of businesses.

Minam says they have received more than 14,000 applications which they are still processing.