MANILA, PHILIPPINES (9 December 2024) — The Asian Development Bank (ADB) and
Merchant Finance Pte Limited (MFL) have signed loan and grant agreements to boost access to
finance for women-owned and led small and medium-sized enterprises (SMEs) in Fiji.

ADB Director General for Private Sector Operations Suzanne Gaboury and MFL Chief
Executive Officer Veilawa Rereiwasaliwa signed the agreement in Manila.

“Empowering small businesses and women entrepreneurs is crucial for fostering inclusive and
sustainable economic growth,” said ADB Vice-President for Market Solutions Bhargav
Dasgupta. “This partnership will help bridge the financial gap faced by women-owned SMEs in
Fiji, enabling them to contribute to the country’s economic development.”

The agreement comprises a local currency loan of USD 4 million from ADB, supplemented by a
grant from the Women Entrepreneurs’ Finance Initiative (We-FI). Notably, 75% of the proceeds
will be dedicated to empowering women-owned and led SMEs.

“This collaboration is a significant step towards promoting gender equality and economic growth
in Fiji. We are committed to supporting women’s SMEs to enable them to access the finance
they need to grow and thrive,” said Mr. Rereiwasaliwa.

SMEs account for approximately 90% of all businesses in Fiji. However, they face significant
challenges in accessing finance. Women-led businesses in particular face many barriers
hindering their growth and economic contribution, including limited collateral, financial literacy,
and networks, as well as gender bias, cultural barriers, and lack of tailored financial products.

MFL is the largest of three nonbank licensed credit institutions in Fiji. Founded in 1986 in Suva,
MFL has grown to include multiple branches across Fiji, including in Labasa, Lautoka, Nadi, and
Suva.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the
Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned
by 69 members—49 from the region.