The Reserve Bank of Fiji has extended its Flood Rehabilitation Facility until the end of December this year.
The facility was established in April after the floods earlier this year to help affected businesses.
RBF Governor Sada Reddy said 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 and 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 reestablishment of businesses after the severe flooding in January.
RBF extends Flood Rehabilitation Facility
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