Sugar fund coming

Although reeling from severe budgetary constraints compounded by the global economic down turn, the government is to launch a multi-million dollar major sugar fund.

Agriculture Minister, Dr. Chris Tufton says the $400 million sugar cane expansion fund is to get on stream next month.

Dr. Tufton says the allocation is to provide farmers with grant and loan funding to assist them in improving the efficiency and productivity of their farms.

The fund will be administered by the Sugar Industry Authority, SIA.

He says special emphasis is to be placed on improving the farms infrastructure in the areas of irrigation and drainage as part of a broader strategy to expand sugar cane production.

According to Dr. Tufton, the fund also aims to facilitate farmers accessing loan funds at an interest rate of 5%.

Meanwhile, the Minister said the government is in the final stages of confirming a fertiliser order from Europe to supply 25,000 tonnes of the commodity which is to arrive in the island by early December.

The government has already missed the September deadline to import the first batch of cheap fertiliser for distribution to the island's farmers.
source:radiojamaica