Large-scale private loans from FDB are over – FBC News

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The Fiji Development Bank will no longer finance multi-million dollar private sector projects, realigning itself to its core business.

CEO Saud Minam said the FDB had lost focus in the past and supported developments that should have been left to commercial banks.

One example is the failure of the $ 60 million-funded Pullman Resort in Nadi, but Minam says FDB is no longer interested in such ventures.

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“You won’t see us signing a deal with another big resort and all that – for $ 50 million or $ 100 million. This is not our cup of tea.

There is also a list of around 20 bad debtors or subprime loans that FDB is monitoring closely.

“If the loans were taken out 20 years, 10 years or 5 years ago, there is no other bank that would want to accept them, so we have to work with them.

Minam confirmed that the FDB is focusing on financing agriculture, fisheries, small and medium enterprises, and public infrastructure projects.

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