Tappoo Group of Companies Chairman, Mr Kanti Tappoo,
Fiji Development Bank CEO, Mr Saud Minam,
Executive Members of the Fiji Development Bank,
Invited Guests,
Members of the Media,
It is with great enthusiasm and pride that I stand before you today to shed light on the ground-breaking strides made by the Fiji Development Bank in fostering the growth and sustainability of our nation’s Small and Medium Enterprises (SMEs).
Empowering SMEs through Affordable Financing – remains the core ethos of the Fiji Development Bank, a firm commitment to providing accessible and affordable financing options for our SMEs.
Ladies and Gentlemen,
The successful launch of FDB’s SME Sustainability Package in March last year exemplified this commitment, serving as a beacon of hope for countless aspiring entrepreneurs and small business owners across our nation. By extending financial support to these dynamic enterprises, FDB has laid the foundation for a more robust and resilient SME sector, one that is poised to drive our economic growth and societal well-being.
As the Minister responsible for SMEs, I am filled with gratitude to see the tangible benefits and collective progress of what forging strategic partnership can achieve.
Our vision for the SME sector goes beyond mere financial support, it includes a holistic approach that fosters collaboration and synergy between the public and private sectors. In line with this vision, I am pleased to announce the exploration of a strategic partnership between the Fiji Development Bank and the esteemed Tappoo Group of Companies Ltd through a pioneering Public-Private Partnership (PPP) Agreement.
Ladies and Gentlemen,
I am told that under this agreement, the Bank will extend financing opportunities to registered SME suppliers of the Tappoo Group of Companies Ltd, where a simplified qualification criterion has been established in collaboration with Tappoo Group of Companies under this facility.
This strategic collaboration is a demonstration of our shared commitment to nurturing the growth and resilience of our SMEs, leveraging the combined expertise and resources of both sectors for the greater good of our nation’s economic prosperity.
At this juncture, I would like to reiterate the importance of fostering robust Public-Private Partnerships – PPP’s are like teamwork at the societal level. They are crucial because they bring together the efficiency of the private sector and the public sector’s responsibility.
Today, we’re seeing two powerhouses collaborate. The private sector through the Tappoo Group of Companies Ltd brings innovation, resources, and a profit-driven mindset, while the public sector through the FDB ensures inclusivity, regulation, and social responsibility – a beautiful synergy and the best of both worlds!
Ladies and Gentlemen,
This PPP, like any other will offer a unique opportunity to share risks and mitigate potential challenges. By distributing the risks between the stakeholders, we can foster an environment that encourages investment and sustainable growth, thus creating a more conducive environment for SMEs to thrive.
Putting down to experience, I have been told that the resounding success of FDB’s SME Sustainability Package has not only strengthened the spirit of our entrepreneurs but has also encouraged the Fiji Development Bank to pursue continuous enhancements to this facility – and I extend my heartfelt congratulations to FDB for the achievements garnered through the SME Sustainability Package, which is a shining example of continual enhancement for sustainable development.
Ladies and Gentlemen,
Coming back to today’s event, as we move forward, our dedication to nurturing a conducive environment for the growth and sustainability of small businesses stands resolute.
By forging ahead in partnership with the Fiji Development Bank, the Ministry is firm in its determination to provide the necessary support, resources and opportunities that will enable our SMEs to thrive and contribute significantly to the economic prosperity and social fabric of our nation.
Thank you and Vinaka Vakalevu.