The Managing Director of Future Fund, John Tonner, says his group, Future Fund, is focused on driving economic stimulation in Vanuatu.
Today, Prime Minister Jotham Napat joined Mr. Tonner for the groundbreaking ceremony of the New Town Subdivision Project on Efate.
The project, worth 31 billion vatu, will be developed on a 190-hectare site by Future Fund.
In his remarks, Mr. Tonner said the development is part of Future Fund’s commitment to support key sectors and aligns with the Capital Investment Immigration Program (CIIP).
John Tonner, Managing Director, Future Fund:
“The project includes about 500 housing blocks and a commercial business district. For Future Fund, this investment represents about VT31.5 billion over the next seven years — a substantial contribution to our economy. Future Fund was designed to support the CIIP program for the government and has transparently reported to the government every quarter. Future Fund currently employs over 200 staff, works with 40 agents across multiple provinces, and spends more than VT21 million per month in agriculture.”
Prime Minister Hon. Jotham Napat said Future Fund is the first agent to fully align with the government’s vision under the CIIP.
He praised the company’s leadership and encouraged other CIIP agents to take advantage of the new opportunities the government is opening.
Prime Minister Hon. Jotham Napat:
“Fifteen percent of CIIP investment is coming here through the license granted to this company. We want to expand beyond the town area and spread development across different locations. This site is ideal — close to town, but it will also grow into another township.”
Minister of Infrastructure, Xavier Harry, announced that a new bypass road will run from Switi to Bellview within the project area. This road aims to ease traffic congestion in Port Vila and improve access routes.
In a show of respect, the government and Future Fund held a small custom ceremony to thank the Chief of Ifira and traditional landowners for their support toward the project.
Bakoa Kaltonga Manuariki, representing the Chief of Ifira, said they believe in developments that will benefit the people of Vanuatu in the future.
Bakoa Kaltonga Manuariki, Representative of the Chief of Ifira:
“This land is under the jurisdiction of the Ifira custodian chief, and the head chief has given his full support for this development.”
Today’s groundbreaking marks an important milestone for the VT31 billion New Town Project, which will run for seven years and open new economic opportunities and infrastructure development across Vanuatu.
