Bank offers $500m in loan to Fiji
Tuesday September 04, 2007

Fiji's interim Finance Minister Mahendra Chaudhry says he has received an offer for bilateral loan financing of up to US$500 million from one of the world's leading investment banks.

A team comprising three officials from the banking group, Merill Lynch (Asia Pacific) limited, met with the Finance Minister yesterday evening at his office.

Merill Lynch (Asia Pacific) limited, which is a Global Markets and Investment Banking Group, believes that Fiji can take on additional funding to invest in projects that enhance economic welfare, according to a statement.

The managing director of the Fixed Income, Currencies and Commodity section of the Banking Group, Mitch Matharu said they feel that despite political uncertainties, the long term prospects of the country are positive.

"Hence we would be interested in exploring opportunities to assist Fiji with its funding needs," said Matharu.

Chaudhry said he is "pleased to have discussions on the proposed offer, more particularly on the terms of the offer so as to assist us in our consideration".