Launching of the Sugar Cane Growers Fund “Farm Purchase Loan Product”

The Permanent Secretary, Mr. Yogesh Karan, officiated the launching of a new farm purchase loan product initiated by the Sugar Cane Growers Fund (SCGF). The launching program was held at the Fiji Sugar Corporation training center in Labasa on 12^th March, 2020.

This new product will complement the New Farmers Grant Assistance offered by the Government through the Ministry of Sugar Industry. It is a loan facility available with the SCGF to assist farmers who wish to purchase cane farms. While Government will provide fifteen percent of cost of farm purchase through the new farmer assistance grants, SCGF will finance balance of eighty five percent through the newly launched farm purchase loan product. Under this product, male farmers who are above the age of thirty five years will obtain loan from SCGF at 6.5% interest rate while special interest rate of 6% will be provided to female and male youth farmers.

In his address, Mr. Karan stated that this program is one of the many collectively resolute initiatives by the sugar industry institutions to tackle challenges against the performance of the sugar industry such as the issue of aging farmers and declining interest of younger generations to venture into sugarcane farming. This is also an indication of collaborative effort between the Ministry of Sugar Industry and industry institutions to drive the upward and forward progress of the sugar industry.

The Permanent Secretary also urged cane growers to take advantage of all assistance being provided by the Government and help the industry to achieve a target of three million tons sugarcane. Government will continue to put efforts and attention to the sugar industry with various subsidies and grants. These services have some expectation and that is to increase the production and improve the livelihood of the cane farmers.