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$10 million Fund to help boost private cane farming
A $10 million revolving fund has been launched to help private cane farmers increase their production, with promises of better prices from the Guyana Sugar Corporation (GuySuCo).
The Fund was conceptualized by the National Cane Farmers Committee, which raised the first $5 million. The other $5 million was put in by GuySuCo.
Minister of Agriculture, Robert Persaud, said that depending on the success of the Fund, it could attract greater support from GuySuCo.
The Fund is particularly geared towards smaller farmers so they could improve cane production. Farmers would be able to borrow up to $200,000 at a three percent interest rate.
Private cane farmers at the launching of the Revolving Fund yesterday.
“We certainly try and encourage farmers to produce more canes and hence more sugar,” Paul Bhim, the acting Chief Executive Officer of GuySuCo said at the Fund’s launching at Red House, Kingston, yesterday.
With greater sugar production comes better pricing, Bhim said, announcing that a new agreement with the Corporation’s biggest customer – Tate and Lyle – has yielded a “significant increase” in the price it is paying.
But outside of Tate and Lyle, Bhim said that the Corporation is seeing better prices for sugar being sold in the Caribbean and in other markets worldwide.
Minister Persaud said that private cane farming is a very viable enterprise and will get much more profitable for small famers.
He said that with GuySuCo, they are guaranteed a market and to an extent, a price for their sugar canes.
Persaud said that the private cane farmers are in a privileged position because there is no other commodity that is being sold in Guyana where there is a guaranteed buyer and price.
He said that there is an increase in private cane farming so much so that there is even an increase in conflict for land for private cane farming.
Persaud said that the sugar industry in Guyana has a bright future, with increasing interest in sugar from overseas investors.
He said that there are proposals for the acquisition of large areas of land for investment in cane farming.
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