The Fiji Embassy in Korea facilitated a stakeholder meeting on Wednesday 20th March between Vnesto Capital International (VCI) and Housing Authority.
VCI was represented by its Chairman Ted Song and Corporate Counsel/Attorney Shin Bum Han.
Housing Authority chief executive officer Alipate Naiorosui said, “HA was invited by Fiji’s Ambassador to Korea Filimone Kau to discuss a proposal from VCI to construct affordable housing units targeted at low and middle income families”.
The project will be a Private Public Partnership between the Fijian Government, VCI and Housing Authority.
As part of the project, Vnesto Capital International will source its funding for the housing project from OPIC, the American Government development finance institution.
Naiorosui said, “We will review the proposal based on its construction and environmental feasibility for our country as well as the affordability to our target market”.
Housing Authority will now pursue this proposal with the Ministry of Finance for guidance on this project before moving forward.
Similar housing projects have been implemented by VCI in Zambia, Mozambique, Mexico and the Maldives and subject to Government approval, Housing Authority is expected to pursue this project in support of its efforts to address affordable housing problems in the country.