BOC – Bankers ....

Also the National sugar production also decreased from 53,000 MT in 2005 to 35,000 MT in 2011. According to the national policy on the Sri Lanka sugar sector development, domestic sugar industry has the potential to produce at least 50% of the domestic requirement of sugar and other value added products of sugarcane in the future. Under the said policy, the Monaragala and Bibile-Medagama region were recognized as among the key potential areas for sugar development. It recognizers the lead role the private sector has to play as investors and project promoters in order to improve the domestic sugar cane sector.

Bank of Ceylon – Bankers to the Nation has identified this national requirement of supporting the sugar cane industry, has engaged and signed a Memoradum of understanding ( MOU) with Gal- Oya Plantations (Pvt) Ltd (GOPL) for grant of facilities to out grower farmers who engage in Sugar cane cultivation and other inter crops both during Yala and Maha seasons. The loan scheme is consist of two components namely, “Facility for sugar cane cultivation” for a maximum period of three years from the date of grant and “facility for inter crops cultivation” for a period of nine months of time from the date of grant. The maximum loan amount for Sugar cane cultivation will be Rs 126,000/= per hectare and for the Ratoon cultivation Rs 28,000/= per hectare per annum for land preparation to purchase seed cane, fertilizer and herbicides and transportation of cane harvest to the factory and other related expenses. The facility will be granted only to individual out growers in order to increase their living standards too. Also the borrowers should be recommended by GOPL to the BOC.

The first batch consists of 750 Number of loans worth Rs 225,000/= each to be granted for the out grower farmers of sugar cane for the coming season. Also they will entitle to receive the finance through the ratoon cultivation too. All these loans will be backed by a crop insurance scheme in order to minimize the risk.

Bank of Ceylon as a leading bank in the financial sector in 1939, will assist the development of the country and always guide our customers and entrepreneurs to reach greater heights which makes Sri Lanka’s leading bank, Bank of Ceylon the “bankers to the nation”.