FDB empowers SMEs with 3.99 percent Interest Rate for new energy vehicle adoption

(L-R) FDB General Manager Relationship & Sales Ms Titilia Kamil, Mr Prakash Pala of Pala Motors, Deputy Prime Minister and Minister for Trade, Co-operatives, Small and Medium Enterprises and Communications Hon. Manoa Kamikamica, FDB CEO Mr Saud Minam and Mr Ajay Lal of Vision Motors.

The Fiji Development Bank (FDB) has taken a revolutionary step towards promoting sustainable development with its latest financing initiative aimed at supporting Small and Medium Enterprises (SMEs) in adopting new Energy Vehicles (EVs).

In a bid to assist SMEs and contribute to a cleaner environment, the Bank is now offering an attractive financing option at a remarkably low interest rate of 3.99 percent.  The financing is available through FDB’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. SMEs interested in taking advantage of this unique financing opportunity can conveniently apply online through the website www.fdb.com.fj

FDB CEO Mr Saud Minam says by incentivizing the adoption of EVs within the SME sector, the Bank aims to address key challenges faced by small businesses while fostering a greener future for the nation.

“EVs offer numerous advantages to businesses, including cheaper fuel costs, fewer maintenance costs and a much lower carbon footprint. Recognizing these advantages, FDB has tailored its electric vehicle financing to ensure that SMEs can access affordable and sustainable transportation options that align with their business needs,” said CEO Minam.

“FDB’s support for the transition to energy vehicles not only encourages a greener and more sustainable future for Fiji but also actively contributes to reducing gas emissions, promoting energy independence and striving towards a more environmentally friendly future for all Fijians.”

Mr Minam further added that through the adoption of EVs, businesses also have the opportunity to actively contribute to reducing their environmental footprint and become active players in the development of a prosperous and eco-conscious Fiji. He also thanked the Fijian Government as well as the new energy vehicle importers for actively contributing towards creating a sustainable transport sector.

“I am pleased to see the progress made by FDB in creating a sustainable society.  The transition to new energy vehicle adoption for SMEs through this latest financing initiative supports the Fiji Government’s ambition to shift towards a cleaner and greener Fiji — this is an important step that will assist us in mitigating the impacts of climate change.  Whilst we talk about clean energy at international forums, domestically – these sort of programmes actually translates policy objectives into tangible actions”, said the Deputy Prime Minister and Minister for Trade, Co-operatives, Small and Medium Enterprises and Communications Hon. Manoa Kamikamica.

New energy vehicle importers, Mr Prakash Pala of Pala Motors and Mr Ajay Lal of Vision Motors extended their appreciation to FDB for taking this step toward empowering small businesses to embrace new energy vehicles.