Vuma housing project landowners on Ovalau can access funds through Merchant Finance’s Vanua Finance program.
The project, which has been delayed for several months, was raised by Opposition Leader Inia Seruiratu who questioned iTaukei Affairs Minister Ifereimi Vasu on how the project could be expedited for the benefit of landowners.
“What sort of assistance is given to them to expedite the assistance that is coming from the financiers? It seems they are stuck in their project,” Mr Seruiratu said.
“So, what sort of assistance is offered by the ministry to the communities to expedite the project rollout?”
In response, Mr Vasu said the Vanua Finance was a program that landowners could access funds from to complete the project.
“There is a program on Vanua Finance that is currently with Merchant Finance, and with the FDB, where we work hand-in-hand, also with Fijian Holdings,” he said.
“If the project amounts to a few millions, they work with Fijian Holdings. They will take the land from Vuma.
“The value of that land will be their 40 percent contribution, and Fijian Holdings will take care of the rest and develop it. After 10 years, they will slowly hand it over to the project owners.
“With Merchant Finance, they will just have to provide a business plan and the security, a well-written paper that they submit to Merchant Finance that can assist.”