The women entrepreneurs who are part of the South Pacific Business Development were full of joy as they took part in the celebration of the US$250 million loan disbursement milestone in the South Pacific.
General Manager and Director of South Pacific Business Development Elrico Munoz says the testament of the transformative power of microfinance has the ability to uplift communities by creating opportunities for economic growth and self-sufficiency.
Munoz says through their network, they have distributed a total of 130,000 loans primarily to women entrepreneurs across the Pacific region.
He says they operate in many branches throughout the country, serving over 7000 women entrepreneurs, and have disbursed more than 67,000 loans with a total of approximately $90 million Fijian dollars.
The Director says the US$250 million loan disbursement milestone at SPBD microfinance operates in Samoa, Tonga, Fiji, Solomon Islands and Vanuatu.
He adds their achievement would have not been possible without the support of their international social investors and local financial institutions like the Fiji Development Bank.
The Governor of the Reserve Bank of Fiji Ariff Ali says the purpose of what the South Pacific Business Development is doing is targeting those who are right at the bottom, and they are helping the economy grow from the bottom.
Ali says the aid given by the United States has lifted so many families in Fiji.
He says the data that they have in the Reserve Bank stated that Small and Medium Enterprises overall contribute around 16% to 18% of Fiji’s GDP, therefore the contribution for the MSME sector is quite important.
He encourages SPBD to take one step ahead in getting a license to operate more like a bank or microtechnology in Fiji, to help Fiji in development and contribution as a whole.
