Friday, June 21, 2024
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Wealth Fund to empower landowning units

The iTaukei Land Trust Board (TLTB) has announced the formation of the iTaukei Wealth Fund, a strategic initiative aimed at empowering landowning units through wealth creation.

This fund represents a significant step forward at TLTB’s commitment to enhancing the economic potential and prosperity of the iTaukei communities.

The Fund is designed to assist landowning units with selected expired leases buy back when these expire.

It will also address the challenges faced by landowners in accessing capital from commercial banks and financial institutions.

The stringent requirements often imposed by these entities have historically been a barrier to development for many iTaukei landowners.

Minister for iTaukei Affairs, Ifereimi Vasu said the Fund proposal, prior to its finalization, underwent a comprehensive consultation process.

“It was first presented at this year’s Great Council of Chiefs (GCC) meeting in Bau, where it received unanimous endorsement.”

“Following the GCC’s approval, we took the proposal to all the Bose Vanua Yasana and Provincial Council meetings.”

“At each of these meetings, the proposal was met with widespread support, reflecting a collective commitment across various levels of our community to the vision and goals of the iTaukei Wealth Fund.”

He said the Fund is a vehicle for sustainable development, empowerment, and the realization of the aspirations of landowning units and through this initiative, TLTB will reaffirm its commitment to the advancement and prosperity of the iTaukei people.

Reginald Chandar
Reginald Chandar
Head of News & Sports | news@fijilive.com

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