Cedric Johnson, Westmoreland
CANE FARMERS were given an assurance that everything is being put in place for the administration and disbursement of the $150 million loan for the replanting of their crop.
Speaking at an 'Update on the Sugar Industry' seminar in Savanna-la-Mar on Wednesday, Ambassador Derrick Heaven, head of the Sugar Industry Authority (SIA) said, "the money was made available by the Development Bank of Jamaica and I, as the man in charge of SIA, had to sign as guarantor. I can tell you, $50 million has already been disbursed and now the remaining $100 million will be ready in another few days."
Ambassador Heaven, who warned the farmers that the money is intended to replant canes and not to maintain ratoons, said the whole idea of the programme was to increase production of sugar.
"The loan programme to be administered by SIA will go to cane farmers around the country. Farmers at Frome who supply 45 per cent of the canes, will naturally get the most money. The other estate farmers, Monymusk supplying 11 per cent, Bernard Lodge 4 per cent, Trelawny estates - 7 per cent, Worthy Park 6 per cent and St. Thomas 8 per cent, will all benefit accordingly," the Ambassador said, while noting that the SIA, which is the borrower, will have to put in place measures to secure the money.
IMPACT
He pointed out that he was aware that the loan did not come at a time when it would have any impact on the upcoming cane and sugar crop production, but that things will have to be put in place now for the long term viability of the industry which every one agrees, is now at the cross roads.
"The loan which will be repaid on a crop lien basis will attract a nine per cent interest. And let me tell you, if it works, it is going to form the basis for an expanded loan programme," he told the farmers, as he reminded them to get back to green cane harvesting as one of the ways of increasing production.
Other presenters at the seminar were Livingston Morrison, chief executive officer of the Sugar Company of Jamaica, Karl James of Jamaica Cane Product Sales and Joshua Jaddoo of the Sugar Industry Research Institute (SIRI).
