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$120m guarantee loan to FSC approved

 

May 23, 2015 12:13:54 PM

$120m guarantee loan to FSC approved The Fijian Parliament has approved a motion for the extension of Government’s guarantee of a $120m loan through ANZ Bank to the Fiji Sugar Corporation.

The Bainimarama led Government on March 18, 2012 had approved a guarantee of $120m to FSC through the bank’s pre-export facility and this was renewed for another 3 years.

Attorney General and Acting Prime Minister, Aiyaz Sayed-Khaiyum moved a motion that the guarantee be extended to June 1, 2020 as it expires at the end of this month.

Despite a heated debate, the motion was passed with 21 affirmative votes of Parliament.

Sayed-Khaiyum said FSC was diversifying to other products such as electricity, refined and specialised sugars to reduce its reliance on government funding and the guarantee will provide leverage to the corporation to borrow in case of any intermittent cash flows without dependence on Government for funding.

By Reginald Chandar

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