$4billion of FNPF funds used as government security

By: Mika Loga

 

Screen shot 2014-10-31 at 6.12.58 PMFiji National Provident Fund Chief Investment Officer Jaoji Koroi today disclosed how much of FNPF funds has been used as government security.

Koroi told the Fiji Australia Business Council Forum this afternoon, this is a challenge for the Fund

“You will see its quiet heavily secured towards government security..about $2billion, $4billion is invested in government securities which is a challenge we’re trying  to address,” he explained.

Koroi also updated the Forum on plans by the FNPF to construct residential lodges at Natadola Bay Resort and revealed the Fund’s plans for the suspended Momi Bay Resort.

“This project started in 2006..was foreclosed by the Fund in 2011″.

“The main construction contract was issued this month for a 24 month construction programme for completion towards the end of  2016.”

The FNPF plans a total of  $300 million investment initiative for the future in equities, infrastructure, properties and development.

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