26 February 2015

ADB Deepens Fiji Partnership with Assistance on Access to Credit

SUVA, FIJI – The Asian Development Bank (ADB) is deepening its re-engagement with Fiji, partnering with the government to improve access to credit and to secure a stronger financial sector through secured transactions reform.

Following meetings in January with Fiji’s Attorney-General and Minister for Finance Mr. Aiyaz Sayed-Khaiyum, ADB will assist the new Secured Transactions Reform Taskforce which held its inaugural meeting here today. The taskforce, which ADB will assist, brings together representatives from banks, credit unions, microfinance institutions, community groups and government agencies and will be chaired by the Governor of the Reserve Bank of Fiji, Barry Whiteside. It will provide government with a roadmap to implement secured transactions through new laws and the establishment of public online registries.

“ADB is encouraged by Fiji’s decision to embrace these reforms and is excited to be assisting in their implementation,” said Andrea Iffland, Regional Director of ADB’s Pacific Liaison and Coordination Office in Sydney. “Adopting a secured transactions framework will allow Fiji’s borrowers to use their movable assets as collateral for loans, and if loans go unpaid laws will be in place to ensure lenders have the certainty to easily enforce their rights over secured property.”