Fiji Bank and Dairy Cooperative Sign Financing MoU
The agreement was signed at Waidalice in Tailevu the previous day. It brings together the Fiji Development Bank’s financing expertise and the Fiji Cooperative Dairy Company’s knowledge of the dairy industry.
The programme has support from consultants working with the Asian Development Bank and from the Ministry of Agriculture. It will help farmers assess investment requirements, keep basic farm records and prepare loan applications that meet banking requirements.
To provide direct access to credit, the development bank sent teams from its Suva and Nausori branches to Waidalice. Its chief executive, Filimone Waqabaca, instructed staff to process applications on the same day when farmers submitted complete documentation. The planned credit would cover pasture development, fencing, livestock and machinery.
“Importantly, this partnership is not simply about providing loans. It is about ensuring that finance translates into productive investment, improved farm performance, stronger livelihoods and a more sustainable dairy industry leading to a better culture,” Mr Waqabaca said.
He said the bank was working to address delays in credit processing. “I keep challenging our staff at FDB. I want same-day approval. So if you have everything, we will do same-day approval for you here,” he said.
Uraia Waibuta, chairman of the dairy cooperative’s board, encouraged operators to use the accelerated process to raise milk production. He said the arrangement could shorten an approval procedure that had delayed some applicants, provided that farmers submitted the necessary paperwork.
Mr Waibuta said the cooperative still needed to improve its internal financial systems so that applications could move through the process more efficiently. He added that its employees were prepared to support farmers, while warning that implementing the memorandum would require sustained operational commitment. “Signing of the MoU is one thing, but materialising the MOU, that’s another issue,” he said. He also called for a strong commitment from farmers to the cooperative as it works to develop the dairy industry.
