Sugar Cane Growers Fund positive

On the 51st Independence Day, Sugar Cane Growers Funds (SCGF) conveyed its best wishes to all the cane growers and stakeholders in the sugar industry.

Pre-independence lots of sacrifices had happen, when SCGF looks its formation since 1947.

Similarly, this year 2021 has been full of challenges and sacrifices but it has made us all stronger, said Chief Executive Officer, Mr Raj Sharma.

“Our hearty appreciations to the authorities, frontline workers and condolences to those, who have lost the loved ones during the COVID-19 second wave,” he said.

“The pandemic in the last 18 months has brought lot of lesson across the globe and we are no exception.

“However; agriculture sector and in particular, sugar industry stood stronger to support many despite Cyclone Yasa and Ana.

Mr Sharma said the year and season coming to end brings lot of hope for normalcy such as positive economy signs, local tourism activities, international borders opening, relaxation of restrictions, successful conclusion of harvesting season and huge sugar cane planting programmes.

At SCGF Friday 8th October 2021 management met to look at the results of last three quarters where they discussed:

1. The positive signs of economic activities;

2. Proposed policy changes to support the growers;

3. Our lending approvals for 9 months $5.765m (80% of pro rata target);

4. Effective impairment and arrears management, giving another chance; and

5. New Products and Services that is planned before year end- • SCGF Digital Platform • SME Loan Product • Loyalty Programs

Mr Sharma said: “We are also finalising our 5 Year Strategic Plan which is “Inclusive Transformation for Sustainability” and depicts very exciting journey for the institution and growers.

“This year week’s meeting with Permanent Secretary for Sugar, Mr Karan has been very fruitful with lots of positives vibes on production, milling, planting, financing and visibility and other plans of reforms but in a nutshell, industry is here to stay.”

Mr Sharma said that growers should capitalize on the “zero percent “interest rate Government assisted loans under the Cane Development Revolving Fund (CDRF) for cane planting. No institution has such facility is available for any sector.