Rehab financing for clients

Rehab financing for clients Minister for Lands and Mineral Resources Faiyaz Koya with children and women of Korovisima Settlement in Nadi on April 6, 2018. Photo: Office of the Attorney-General

To help customers affected by flooding caused by Tropical Cyclone Josie in the Western and Northern divisions, the Fiji Development Bank [FDB] will ease repayment terms and assist with recovery from loss through rehabilitation financing.

Chief executive officer Mark Clough said the relief assistance would be provided to affected customers through repayment moratoriums, interest rate concessions and rehabilitation financing to help rebuild affected farms and businesses.

“The rehabilitation financing will be provided by FDB through the Reserve Bank of Fiji’s National Disaster Rehabilitation Facility (NDRF) without any upfront or application fee charged by FDB. Further loans from FDB at a concessional rate of 5 per cent on separate accounts is also an option under this facility,” said Mr Clough.

The NDRF will be facilitated after damage assessment reports on a case-by-case basis, he said.

All existing farmers and businesses that have suffered damage to crops, farm machinery, stock, property and other assets during the floods caused by TC Josie in April 2018 are eligible to seek assistance from FDB’s rehabilitation financing scheme for replacement of damaged inventory, restoration and repair of cyclone damage to assets, farm houses, business premises and livestock as well as access to working capital because of loss of sales.

Rehabilitation Financing through RBF’s National Disaster Rehabilitation Facility will support:

ν Repair or Replacement of damaged inventory;

ν Loss of sales (including working capital);

ν Repair or replacement of cyclone damaged machinery, plant and equipment;

ν Restoration of cyclone-affected farm houses, business premises including resorts and hotels; and

ν Replacement of business vehicles.

He said the assistance was intended to help the bank’s existing businesses and farming customers recover from the damage sustained from the flooding caused by TC Josie and customers whose source of repayment had been affected by the devastating floods.

Affected customers are to contact their account manager at the nearest Branch or our Customer Service representative in Suva on 9103470 or 3314866 and leave their contact details, which we will direct for attention at the earliest opportunity. Customers can also message their details to the bank’s official Facebook page.

“The bank extends its condolences to families affected and those who have lost loved ones,” Mr Clough said.

The relief assistance policy is effective immediately and will be available until June 30, 2018.

Source: Fiji Development Bank


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