HomeRecent ArticlesADB, Merchant Finance Sign Agreement to Support Inclusive Finance in Fiji

ADB, Merchant Finance Sign Agreement to Support Inclusive Finance in Fiji

The Asian Development Bank (ADB) and Merchant Finance Pte Limited (MFL) have signed loan and grant agreements to boost access to finance for women-owned and led small and medium-sized enterprises (SMEs) in Fiji.

The Asian Development Bank (ADB) and Merchant Finance Pte Limited (MFL) have signed loan and grant agreements to boost access to finance for women-owned and led small and medium-sized enterprises (SMEs) in Fiji.

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ADB Director General for Private Sector Operations Suzanne Gaboury and MFL Chief Executive Officer Veilawa Rereiwasaliwa signed the agreement in Manila.

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“Empowering small businesses and women entrepreneurs is crucial for fostering inclusive and sustainable economic growth,” said ADB Vice-President for Market Solutions Bhargav Dasgupta. “This partnership will help bridge the financial gap faced by women-owned SMEs in Fiji, enabling them to contribute to the country’s economic development.”

The agreement comprises a local currency loan of $4 million from ADB, supplemented by a grant from the Women Entrepreneurs’ Finance Initiative (We-FI). Notably, 75% of the proceeds will be dedicated to empowering women-owned and led SMEs.

“This collaboration is a significant step towards promoting gender equality and economic growth in Fiji. We are committed to supporting women’s SMEs to enable them to access the finance they need to grow and thrive,” said Mr. Rereiwasaliwa.

SMEs account for approximately 90% of all businesses in Fiji. However, they face significant challenges in accessing finance. Women-led businesses in particular face many barriers hindering their growth and economic contribution, including limited collateral, financial literacy, and networks, as well as gender bias, cultural barriers, and lack of tailored financial products.

MFL is the largest of three nonbank licensed credit institutions in Fiji. Founded in 1986 in Suva, MFL has grown to include multiple branches across Fiji, including in Labasa, Lautoka, Nadi, and Suva.

About ADB

The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. Established in 1966, it is owned by 69 members—49 from the region.

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