FDB approves 207 applications under COVID-19 Recovery Credit Guarantee Scheme

Business COVID-19

FDB approves 207 applications under COVID-19 Recovery Credit Guarantee Scheme

By Shanil Singh

16/08/2021

Fiji Development Bank HQ. [image: File]

The Fiji Development Bank has so far received more than 1000 applications under the COVID-19 Recovery Credit Guarantee Scheme where 207 applications have been approved.

The total loans approved is valued at $5.45 million.

This is a recovery scheme for MSMEs and also large businesses to assist them to meet their financial needs and recover from economic losses caused by the COVID-19 pandemic.

$200 million was allocated for this scheme in the 2021/2022 National Budget.

FDB CEO Saud Minam says they saw a huge increase in applications this week and they worked over the weekend to clear the applications.

Minam also says that they are receiving majority of the applications online.

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