Bank uses multifaceted for loan approval
28 May, 2019, 10:44 am
THE Fiji Development Bank (FDB) takes a multifaceted approach when assessing loans from their institution. Bank’s chief executive officer Mark Clough said when it came to FDB and its assistance, the applicant needed to have a robust plan.
“It can’t be only a dream because you have to convert a dream to a plan and once you have a robust plan, you come to the bank,” said Mr Clough.
“A lot of times we see plans, we assess them, we tell ourselves maybe this plan is not going to work from an economic point because it’s marginal. “We put it down then we consider that given that sometimes is not always about the money.
“The bank also considers the plan’s impact on the community, environment and the employment sector which are important factors.”
Mr Clough said they would even consider if the project being ushered to them for funding would reduce import reliance.
“As a development bank, we have to stimulate activities and projects domestically,” he said.
“This is why we have to take a little risk in considering proposals.”
FDB became the first financial institution in the country to be involved in the replanting of trees.
Mr Clough was speaking during a reforestation project between the bank and the Ministry of Forests in Dogoru, Macuata.
Speaking at the launch of the project, Mr Clough said with their presence in the Central, Western and Northern divisions, comprising 12 branches, they were committed with their partners to support reforestation in areas that fell within their business footprint.
“As the first development bank in the South Pacific to become accredited by the Green Climate Fund, climate change is close to our hearts.”
FDB became the first financial institution in the South Pacific to be involved in the replanting of trees.