The President of Fiji Chamber of Commerce has welcomed the extension of the Flood Rehabilitation Facility by the Reserve Bank of Fiji.
Swani Maharaj said extending the Facility until the end of December this year is good news for the businesses affected by the floods in January.
Maharaj's comment comes after the RBF Governor Sada Reddy confirmed that the bank after reviewing its policy has also made two other changes which will see lending under the facility extended from three to five years.
Reddy said businesses will no longer be required to apply for a rollover as loans will be automatically rolled over every six months based on the initial term of loan approved by the commercial bank however the interest owing will be payable.
Reddy said to date RBF has given a total of $0.7 million under the facility which is also accessible from the Fiji Development Bank and Licensed Credit institutions.
The total amount available under the facility is $20million.
He is calling on the banks and other financial institutions to be supportive of the loan applications made for reconstruction and re-establishment of businesses after the severe flooding in January.
Chamber of Commerce President welcomes RBF move
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