Capital access by resource owners will be made easier through the setting up of a new fund by the iTaukei Land Trust Board (TLTB).
Typically a challenging exercise, resource owners face many hurdles when attempting to access capital from commercial banks or financial institutions to start commercial ventures.
This week, TLTB announced the formation of the iTaukei Wealth Fund to address the issue.
“This landmark decision is a strategic initiative aimed at empowering landowning units (LOUs) through wealth creation and represented TLTB’s commitment to enhancing the economic potential and prosperity of the iTaukei communities,” TLTB said in a statement.
Ministry for iTaukei Affairs minister Ifereimi Vasu said the fund would act as vehicle for sustainable development, empowerment, and the realisation of the aspirations of resource owners.
“The establishment of the iTaukei Wealth Fund is a testament to our dedication to the prosperity of our landowning communities.
“By providing easier access to capital, we are supporting land development and business initiatives,” Mr Vasu said.
“When our Coalition Government assumed office, one of our foremost priorities was the empowerment of our LOUs.
“We envisioned a future where LOUs are not solely dependent on government assistance but are instead equipped with the tools and resources to innovate and enhance their capabilities independently.
“The establishment of the iTaukei Wealth Fund is a significant stride in this direction and embodies our commitment to fostering self-reliance and prosperity among the iTaukei communities.”
Mr Vasu said aside from addressing financing challenges, the new fund will also help with selected expired leases buy back when these expire. Prior to its finalisation, the fund underwent a comprehensive consultation process, Mr Vasu said.
It was first presented at this year’s Great Council of Chiefs (GCC) meeting in Bau, where it received unanimous endorsement.
“Following the GCC’s approval, we took the proposal to all the )) and Provincial Council meetings.”
TLTB will set aside a portion of its poundage usually deducted from lease monies as seed capital for the new fund.
