BOC introduces special loan scheme to support Vakarai shrimp farmers
Bank of Ceylon launched a special loan scheme recently to provide financial assistance to cluster-based shrimp farming projects in Sri Lanka.
The main goal of the loan scheme is to provide financial resources for 27 shrimp farmers from the Vakarai area to construct the ponds where shrimps are bred commercially. The construction cost of each pond with an area of 1.3 acres is estimated to be Rs. 0.3 million.
Speaking at the launch, Senerath Bandara, Bank of Ceylon Product and Development Banking Deputy General Manager said that BOC has joined hands with the National Aquaculture Development Authority of Sri Lanka (NAQDA), the government organization established to develop inland fisheries and aquatic resources in the island.
“This is a special day because BOC has undertaken to support an aquaculture project after two decades,” he added.
Bandara explained even though shrimp farming has been one the most lucrative and profitable commercial aquaculture activities in the country, it collapsed due to the lack of proper, scientific techniques for farms maintenance.
However, BOC anticipates the revival of shrimp farming industry in Vakarai - through the promotion of market-driven and sustainable management of inland fisheries - would support the coastal population in the area as an alternative livelihood. They hope the loan scheme, which has a maximum repayment period of two years with four equal installments, would especially benefit the community affected by both the tsunami and the war.
Explaining about the tech- nical side of the project, NAQDA Chairman, Jayantha Chandrasoma said t hat his organization has introduced suitable scientific techniques and controlled conditions required to operate a shrimp farm complex on the basis of cluster-farming system.
Chandrasoma explained that the pilot project in Vakarai, which involves 27 out-grower far mers, is funded by the I nternational Fund for Ag ricultural Development (IFAD). He added that the fund has provided finance to provide basic infrastructure to control and maintain the shrimp ponds.
. “We are providing the main operational costs including the cost of shrimp food,” he said. “We are not controlling the running of the industry, but simply acting as a governmental supervisory body.” Three out-growers from Vakarai who attended the event were offered the special facility at the event to mark thelaunchof thenew loan scheme.