Shoppers snap-up outer islands treasures at TDB's Holiday Market Festival [1]
Thursday, December 1, 2016 - 22:11. Updated on Thursday, December 1, 2016 - 22:34.
Photos by Linny Folau
A two-day Holiday Market Festival was launched at the Tonga Development Bank in Nuku'alofa this morning to showcase and sell the products of customers in their Microfinance Scheme – this year showcasing Vava'u, 'Eua and Ha'apai handicrafts and treasured mats. It will continue on Friday.
The festival is an annual event that has been held for three consecutive years.
"This year it brings together clients from Vava’u, ‘Eua and Ha’apai, who are disadvantaged customers in the sense that they are from our outer-islands where market opportunities are limited. Women’s groups participate too, as well as groups from rural villages in Tongatapu," said the TDB Managing Director, Leta Kami
The event allows them to sell their products and raise funds to pay off the loan, either partially or in full as well as have some spending money for the family for Christmas, she said.
The project is funded by the Asian Development Bank under the Japan Fund for Poverty Reduction (JFPR) Grant Assistance Project is aimed to empower the lives of the most vulnerable groups.
Leta said a loan fund of US$200,000 is reserved for lending, administered as a self revolving loan scheme, implemented by the bank with the Ministry of Finance as the supervising agency, since it started in 2010.
Empowering women
Japan’s Ambassador HE Mr Yukio Numata said this scheme aims at empowering the vulnerable, especially women from disadvantaged communities including the unemployed, widows, single mothers and other groups in Tonga.
He hoped this event continues to thrive under the bank and that more women take on leading and motivating roles in the commercial arena.
"I am confident that through the ADB Microfinance revolving fund, an increasing number of people will attain greater skills for traditional handicraft making, agriculture and manufacturing from local materials. With better skills in these various areas of production, the Tongan economy will expand especially in areas such as tourism and export, whereby we anticipate an expansion and diversification of locally produced products."
Inclusive
Natalia Latu, Acting CEO for the Ministry of Finance said they are delighted to witness the partnership and outreach by TDB as implementing agency in support to encourage a more inclusive sustainable growth and development for Tonga.
She said with limited access to market finance the funding focuses on supporting income generated activities and provides incentives to change behavior. It encourages the habit of savings, financial and business planning, entrepreneurship for income generating and welfare improvement, she said.
"At the Ministry we are very mindful that development can be skewed towards the mainland Tongatapu and Nuku'alofa CBD but we are pleased that this program was able to target those mainly outside the CBD especially in the outer islands, so that development is always inclusive and sustainable."
The women and men involved in the Holiday Market Festival displayed fine mats and waist mats as well as other handicrafts, which were quickly being snapped up by shoppers.