The Fiji Sugar Corporation (FSC) has secured a €40mn structured trade finance facility with ANZ.

The loan will come with a guarantee from the Government of Fiji.

ANZ CEO for Fiji Norman Wilson says: “This is a landmark trade finance deal for the country’s sugar industry, and with continued strong global demand for agricultural commodities we’re pleased to support the reinvigoration of the industry in partnership with the government of Fiji.

He adds: “With the support of ANZ’s regional trade and agribusiness specialists, ANZ Fiji has been able to provide a local banking solution for FSC which has resulted in a reduction in borrowing costs and has provided an approach to help manage foreign currency fluctuations which affect the price of sugar.”