Sigatoka, Fiji – In a landmark collaboration, the Fiji Development Bank (FDB) and Tappoo Pte Limited have unveiled a groundbreaking Public-Private Partnership (PPP) that promises to advance the Small and Medium Enterprises (SMEs) sector in Fiji. The partnership represents a significant stride in the growth of small businesses in the country.
Under this historic agreement, FDB will provide financing opportunities to registered SME suppliers of Tappoo Pte Ltd, with a simplified qualification criterion mutually established between the two organizations. SME suppliers will have the option to obtain loans from FDB at a favorable interest rate of 3.99%.
The announcement was graced by Deputy Prime Minister and Minister for Trade, Co-operatives, Small and Medium Enterprises, and Communications, Hon. Manoa Kamikamica, who emphasized the importance of strengthening Public-Private Partnerships to enhance their impact and sustainability.
“The private sector through the Tappoo PTE Limited brings innovation, resources, and a profit-driven mindset, while the public sector through the FDB ensures inclusivity, regulation, and social responsibility – a beautiful synergy and the best of both worlds,” said the Hon. Deputy Prime Minister.
FDB CEO, Mr. Saud Minam, expressed his enthusiasm for exploring the potential of Public-Private Partnerships in Fiji’s financial sector. This partnership aims to address the unique challenges and requirements of the local business environment, particularly in supporting and financing SMEs.
Chairman of Tappoo Pte Limited, Mr. Kanti Tappoo, highlighted the significance of this collaboration, emphasizing its role in empowering local businesses and contributing to Fiji’s economic growth. The partnership reflects their commitment to fostering an environment where innovation, entrepreneurship, and inclusive development can thrive.
This strategic collaboration resonates with the government’s vision to preserve culture, boost tourism, and support small businesses, aligning with the core values of the Tappoo Group of Companies. For over six decades, Tappoo has nurtured relationships with skilled handicraft vendors, contributing to the preservation and celebration of indigenous handicrafts and the vibrant Fijian culture.
The FDB and Tappoo Group’s partnership marks a new chapter in the journey to empower local artisans, SMEs, and their families, setting the stage for sustainable growth and economic prosperity.