Monday, 14^th July 2025

NEWS RELEASE

New Fiji Development Bank and Public Rental Board Partnership Paves the Way for Affordable Homeownership

Suva, Fiji. In a strategic move by two of Fiji’s most impactful statutory bodies, the Fiji Development Bank (FDB) and the Public Rental Board (PRB) have joined forces for the first time by signing a Memorandum of Understanding (MoU) to develop and implement a comprehensive housing revitalisation strategy. The initiative focuses on increasing homeownership and improving living standards while encouraging inclusive housing developments across the country.

Signed earlier this week at FDB’s Suva headquarters, the MoU aligns the institutions’ complementary strengths to target one of Fiji’s most persistent social gaps: affordable housing. Affordable housing will always be a concern, and this alliance brings the most unique and tangible solution the country has yet to witness.

The collaboration aims to address Fiji’s growing housing shortage for low- and middle-income earners while attracting private capital into affordable housing projects. Additional outcomes include promoting home ownership, and the rehabilitation of existing properties and more efficient use of vacant or underutilised land. These efforts will support broader national goals of strengthened infrastructure, economic empowerment, and sustainable community development.

The CEO of FDB, Mr. Filimone Waqabaca, emphasized that the Bank remains committed to promoting national development by enhancing the socio-economic well-being of communities through the provision of accessible and inclusive financial services. He further stated that FDB will align its efforts with the Revitalized Strategy to provide targeted support to the housing sector in Fiji.

“With FDB providing the capital and PRB delivering the on-the-ground expertise, this partnership bridges the gap between financial access and real, home ownership outcomes for everyday Fijians. Together, we have created an impactful solution to give hard working families the confidence and wherewithal to build their own secure future,” he added.

The General Manager of PRB, Mr. Timoci Naleba, highlighted that both institutions recognize the urgent need to address housing shortages and improve living standards for low- and middle-income earners. He affirmed that this partnership aims to uplift the overall economic and social well-being of communities across the country.

For many Fijians, especially informal workers, this collaboration offers something they’ve long dreamed of but never quite reached: a home to truly call their own. Through FDB’s accessible tailor-made financing solution, and PRB’s deep grassroots reach, financially challenged families can now finally, realistically see and afford the path to owning their own home.

For more information about Fiji Development Bank’s commitment to sustainability and its pivotal role in financing innovative projects, please visit www.fdb.com.fj.

About Fiji Development Bank (FDB): Founded in 1967, FDB is the only development financial institution in Fiji committed to driving economic growth and development. The Bank provides financial services through its 11 branches across Fiji to individuals, businesses, and communities, with  r focus on the agriculture and small and medium enterprises (SMEs) sectors. FDB’s mission is to support and empower Fijians to achieve their financial goals and contribute to the nation’s prosperity.

Picture Caption:

FDB CEO Mr. Filimone Waqabaca with the General Manager of PRB Mr. Timoci Naleba, and the signed MoU.