Friday, June 14, 2024
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FDB backs SMEs with green vehicle loans

In a major step to encourage sustainable development, the Fiji Development Bank (FDB) has launched a new financing initiative for Small and Medium Enterprises (SMEs) to adopt new Energy Vehicles (EVs).

The bank is offering an appealingly low interest rate of 3.99 per cent to assist SMEs, contributing to a cleaner environment.

The financing is accessible through the bank’s Small and Medium Enterprise Sustainability Package with loans up to $100,000 at a term of a maximum of 5 years and a maximum 15 percent deposit.

“The bank aims to address key challenges faced by small businesses while fostering a greener future for the nation,” said FDB chief executive, Saud Minam.

By offering attractive financing for electric vehicles, FDB seeks to provide SMEs with affordable and sustainable transportation options, emphasizing the benefits of EVs such as lower fuel and maintenance costs.

Not only does this move encourage a more sustainable future, but it also actively contributes to reducing gas emissions and promoting energy independence.

“Businesses can actively contribute to reducing their environmental footprint and become active players in the development of a prosperous and eco-conscious Fiji,” added Minam.

FDB’s initiative supports the Fiji Government’s ambition to transition towards a greener Fiji, a step deemed important for mitigating the impacts of climate change.

Deputy Prime Minister and Minister for Trade, Manoa Kamikamica said these programs translate policy objectives into tangible actions.

New energy vehicle importers Prakash Pala of Pala Motors and Ajay Lal of Vision Motors have also expressed their appreciation to FDB for taking this step towards empowering SMEs to embrace new energy vehicles.

Simran Chand
Simran Chand
Journalist |


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