In 1993 members agreed that ADFIP would set up a trust fund for the express purpose of providing a sustainable source of funds to finance the operating costs of the ADFIP Secretariat. This was necessary due to the failure by ADFIP to obtain funding from donor sources for the operation of the Secretariat.
Since its formation in 1986, the entire operation of the ADFIP Secretariat has been financed by the Fiji Development Bank. At the end of 2002, its objective of reaching the targeted amount of one million Fiji dollars was achieved. The interest income from the invested capital is to be utilized to pay for the operation of the ADFIP Secretariat, thereby relieving Fiji Development Bank of this responsibility.
The trust fund money which is invested in Fiji has been exempted by the Government of Fiji from the payment of Value Added Tax.
The support of members has been outstanding; Annual Fees have been remitted in a timely manner allowing ADFIP to gain the maximum opportunity to accumulate interest by investing the funds in the year.
At the present time, the trust fund money is invested in a number of ways; some on term deposits with Home Finance Company Limited, Merchant Finance Limited and Credit Corporation (Fiji) Ltd; some in Fiji Development Bank Registered Bonds and some had been invested in the purchase of units at the Unit Trust of Fiji Limited. Careful consideration has always been given to investing funds in financial facilities where a maximum interest rate is available; however, the security of investment is not compromised for maximum return.
Following the re-election of some office bearer’s for ADFIP Trustee Limited (ATL), the ATL Directors’ are as follows:
• Fuimaono Falefa Lima – Development Bank of Samoa
• Ratu Deve Toganivalu – Fiji Development Bank
• Utu Abe Malae – Development Bank of American Samoa
• Anna Mendiola – Federated States of Micronesia Development Bank
• Richard Maru – National Development Bank of PNG
• Vaine Arioka – Bank of Cook Islands