The Sugar Cane Growers Fund (SCGF) is set to invest approximately $3.5 million in a new complex located near the Lautoka Sugar Mill, aimed at bolstering support for sugar cane farmers in Fiji. This complex, primarily destined for office spaces, is expected to generate revenue that will help fund a mortgage protection premium for cane farmers, amounting to around $0.5 million.
Chairman Ahemad Bhamji noted that the new project will add 1,500 square meters of office space to the region. This development marks the second acquisition by SCGF, with the first being the building adjacent to ANZ Bank in Lautoka City, which now accommodates HFC Bank and other office operations.
CEO Raj Sharma emphasized that the revenue from these properties has led to reduced interest rates for cane farmers’ loans, with a drop from six to four and a half percent, equating to savings of approximately $0.5 million that can assist in alleviating financial burdens on farmers.
The site for the new complex has historical significance, having once housed the first motor garage for the former Colonial Sugar Refinery Company, established in 1903. Bhamji expressed excitement about the site’s potential, stating, “Preliminary plans include a custom-designed commercial property with returns that will further support our valued sugar cane growers.”
Additionally, the SCGF has recently launched the first-ever Mortgage Protection Insurance (MPI) product for sugar cane growers in collaboration with Capital Insurance Fiji Limited. This initiative is expected to provide significant benefits, as the SCGF will cover premiums for the next two and a half years, promoting financial stability among farmers.
The SCGF has ambitious plans to continue supporting farmers through various initiatives, including a Special Overdraft Facility, Savings or Retirement Funds, an Online Documentation Management System, and Sugar Cane Farmers Awards. Commissioner Western, Apolosi Lewaqai, praised SCGF for its commitment to the industry and the strategic acquisition of land that previously belonged to Fiji Sugar Corporation.
The new complex is projected to be completed by October 2026, positioning the Sugar Cane Growers Fund as a proactive entity focused on enhancing the agricultural framework in Fiji. This growth is viewed as essential for ensuring a sustainable future for sugar cane farmers, thus reinforcing the resilience of the sugar industry.
Overall, the developments from SCGF indicate a promising outlook for both the farmers and the industry, showcasing a collaborative commitment towards growth, support, and sustained agricultural practices.
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