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The iTaukei Land Trust Board has marked a historic milestone by launching its first assistance program for landowners through the iTaukei Development Fund, which provides access to vehicles and machinery.

Chief Executive Solomoni Nata says the initiative stemmed from a commitment to address rising poverty and the low participation of iTaukei people in commerce.

The Board has approved a reduction in the operating poundage from 10 to eight percent, while setting aside 10 percent for iTaukei welfare, within the 25 per cent allowable deduction under the law.

“So now TLTB is charging a total of 18% from the 25%, 8% as operating poundage and 10% as welfare. The iTaukei welfare is expected to generate around 12 to 13 million annually to pay for the compensation of improvements of expiring leases and also assist iTaukei participation in commerce by providing capital or even equity.”

The Fund requires no initial deposit for registered iTaukei individuals in the iTaukei registry known as the Vola ni Kawa Bula.

Nata adds that an interest of 2.5 per cent to start off under an agreed repayment period with $4 million set aside to assist the landowning trustee or company and $1 million to assist individual iTaukeis and a further $1 million set aside to assist ecotourism operators who are still trying to recover from the impact of COVID-19.

Dreketi Mahogany Landowners Cooperative manager, Josese Rabesa, commended the initiative, calling it a “historic moment” for landowners.

He said the 2.5 percent interest was very competitive when compared to other financial institutions.

The TLTB’s new direction aims to empower iTaukei landowners and foster economic growth through targeted investments and support, signaling a promising future for the community.