The Sugar Cane Growers Fund inaugurated its new office complex in Lautoka today, marking a significant advancement for the sugar industry and its farmers. Minister for Sugar Industry, Charan Jeath Singh, highlighted that this new facility represents a strategic investment designed to enhance the Fund’s operations and provide direct support to growers.
This year, the Fund has returned one million dollars to growers, contributing $0.5 million through interest reductions and another $0.5 million via Mortgage Protection Cover, underscoring its commitment to the sugarcane community. Singh pointed out that the SCGF aims to underwrite over $34 million in loans within the next three years, which would boost its loan portfolio from $36 million to $50 million. This growth is anticipated as cane production is expected to surpass 2 million tonnes, showcasing both ambition and feasibility.
Currently, the SCGF supports 4,301 growers through 5,055 accounts, managing a loan portfolio of approximately $39 million. Singh reiterated the necessity of robust governance, collaboration, and accountability within the industry. He urged all stakeholders in the sugar sector to work collaboratively to address challenges, emphasizing the importance of unity over isolated efforts.
This opening is a hopeful sign for the future of the sugarcane industry, promoting teamwork and financial growth. It reflects a commitment to nurturing the agricultural community and enhancing productivity in the sector.
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