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Reserve Bank Of Fiji Reactivates Natural Disaster Rehabilitation Facility For Businesses And Homeowners

Reserve Bank Of Fiji Reactivates Natural Disaster Rehabilitation Facility For Businesses And Homeowners
People cleaning a shop in Nadi Town after the devastation caused by the flood waters on Sunday. Photo: Waisea Nasokia
April 04
10:00 2018


Governor of the Reserve Bank of Fiji, Ariff Ali yesterday announced the reactivation of the Natural Disaster Rehabilitation Facility to assist affected businesses and homeowners.

This is in light of the effects of Tropical Cyclone Josie and the associated devastating floods particularly in the Western Division.

Reserve Bank has allocated $40 million for the Facility and businesses may apply for funding of up to $0.5 million at a maximum interest rate of five per cent per annum, while affected homeowners can apply for funding of up to $5,000 at a maximum interest rate of 4.50 percent per annum.  This Facility is effective immediately and will be made available by all commercial banks, the Fiji Development Bank and Licensed Credit Institutions (LCIs) until June 30, 2018.

Eligible borrowers will need to meet the credit criteria set by respective lending institutions.

More information on the Facility may be obtained from the Domestic Markets Unit of the Reserve Bank of Fiji.


Nadi Chamber of Commerce

Nadi Chamber of Commerce and Industry president Dr Ram Raju commended the resilience shown by business owners and residents during the clean-up and recovery process.

“I must applaud everyone for working round the clock to bounce back as we have done time and again … from cleaning up, recovering, restocking and getting back to business as soon as possible,” Dr Raju said.

He said the flood damage in Nadi town was less than what was experienced during the 2009 flood but certain areas suffered substantial damage.

Nadi Back Road near the J Kevi property was the hardest hit, including the True Blue Light Hotel.

“I had witnessed good recovery and cleaning phases as I scouted around. I noted Police presence and monitoring … kept matters under good control,’’ Dr Raju said.

“I am glad that no one suffered any major setbacks. Most were well prepared for the impending flooding which occurred during the day time. Our thoughts are with those who suffered damage which include the business community in Ba and elsewhere.”

Power was restored to most areas in Nadi town and elsewhere within a reasonable period of time.He hoped everyone would receive power within the next 24 hrs, if not earlier.

“Water supply fortunately was not affected which allowed restoration and cleaning up,” Dr Raju said.

Dr Raju said he intended to meet the Minister of Waterways Mahendra Reddy to discuss other issues.


Tappoo Nadi

Tappoo Group of Companies Director Mahendra Tappoo said water level inside the Tappoo Nadi department store was 12 to 16 inches on ground level.

“There was no damage to the merchandise as these had been moved up,” Mr Tappoo said.

“However there was some damage to fixtures and fittings. All day yesterday (Monday) and today (Tuesday), the shop was closed for cleanup.”

The shop will open for business today.

Assessments are currently being done by the National Disaster Management Office and that the costs of the damages will be released soon.

NDMO director Anare Leweniqila said: “We don’t have a figure at the moment.” He noted a team would be going to the west today to assess and put together some damage estimate figures.




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