In attempts to attract more overseas investment in the tourism and building and construction sector, the Reserve bank of Fiji has relaxed its policy on local borrowing for non-resident controlled companies and individuals.
The RBF said effective immediately, no resident controlled companies and individuals will be eligible to borrow up to 100 percent of funding requirements from local financial institutions provided a debt to equity ratio to 3 to 1 is satisfied.
The policy will not apply to total new borrowing of up to $500,000.
RBF Governor Sada Reddy said the decision would greatly en courage investment in the tourism sector as well as assist in the recovery of the building and construction industry.
RBF relaxes local borrowing policy
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