The ADFIAP Consulting Group (AC) will assist Fiji Development Bank (FDB) to review the Bank’s credit extension and recovery processes, procedures and systems as well as external sources covering industry best practices, regulatory requirements and emerging issues and trends on credit risk management and asset recovery aimed at enhancing FDB’s efficiency and competitiveness as a regional development finance institution (DFI) in the Pacific.
Mr. Nafitalai Cakacaka, FDB Managing Director and Mr. Poasa Werekoro, Acting Chief Manager, Financial System Development at the Reserve Bank of Fiji, visited the ADFIAP Headquarters in Makati City, Philippines on November 8, 2019 to sign the contract agreement on the assets management consulting project and to discuss implementation details and schedules. Messrs. Cakacaka and Werekoro were in Manila for the “Forum on the Future of Inclusive Finance” at the Asian Development Bank (ADB).
FDB was accredited as a Direct Access Entity (DAE) to the Green Climate Fund (GCF) in October 2017 upon nomination by the Government of Fiji as part of the strategy to climate-proof infrastructure development and boost the resilience of the Fijian economy, being the sole DFI in the country. With its consulting engagement with AC, it seeks to implement and establish a strong asset management and recovery system within the Bank that is consistent with best, sound and prudent bank lending practices used by the banking industry worldwide.