Interchange Ltd makes first loan repayment of Vt9 million

September 10, 2020 2:54 am | Posted in Business News | Share now TwitterFacebook

By Anita Roberts

Interchange Ltd (ICL) has made its first loan repayment of USD83,791 to the National Bank of Vanuatu (NBV) after using a Vt800 million term deposit from Vanuatu National Provident Fund (VNPF) as a guarantor in the loan it has with ANZ Bank.

“ICL is now paying off loan repayments is part of its obligation under the new loan arrangement to better secure members’ funds and the investment,” General Manager (GM) of VNPF, Parmod Achary confirmed in an interview with Daily Post and BuzzFM.

The repayment of USD 83, 791 is equivalent to over Vt9 million.

The decision to use VNPF as a guarantor in the loan was approved by the VNPF Board in 2014. At the time there was security given for VNPF to be used as guarantor in the deal, said GM Achary.

Through the new loan arrangement, VNPF will be taking more interest in ICL, he said. VNPF is the major shareholder in ICL.

GM Achary said the USD 83,791 a month will help to boost members’ annual interest.

He said loan repayments are expected to be complete within 10 years.