The Fiji National Provident Fund approved the Sugar Cane Growers Fund (SCGF) to be a lender yesterday.
This opportunity means that more than 11,317 sugar cane farmers who are also members of the SCGF will now be able to access loans through the SCGF and use their FNPF housing eligibility for several housing related purposes.
The Sugar Cane Growers Fund Board Director, Tevita Madigibuli, said they are grateful for the opportunity to enjoy the status of being a lender and operate like any other financial institution banks.
Fiji National Provident Funds Chief Executive Officer, Jaoji Koroi, said this is also an opportunity for FNPF to be involved with the Sugar Cane Growers Council as FNPF is all about Social protection for their members.
Meanwhile SCGF’s Chief Executive Officer, Raj Sharma, said this gives working class citizens an opportunity to invest in a farm as their retirement plan.
The Sugarcane Industry is important to Fiji’s economy as it contributes about 1.7 percent of GDP, generates about 8.0 percent of total exports with a total foreign earnings of $159.6 million in 2013, based on the provisional data from the Reserve bank of Fiji.