BY BEN BILUA
Gizo
COCONUT and cocoa traders in Western Province have begun implementing the Cocoa and Coconut Revolving Fund (CCRF) following the release of funds late last year.
Chief Field Officer of the Agriculture Division in Western Province, Sipuru Rove, told Island Sun that all approved traders have received their allocations before Christmas, allowing implementation to commence immediately this year.
“So, all the funds were deposited into the traders’ accounts before Christmas. Each trader received SBD20,000.00,” he said.
Sipuru said traders are expected to continue their business operations over the next two months before beginning repayments to the Ministry of Agriculture and Livestock (MAL).
“As per the Revolving Fund policy, January and February are the grace period. Traders will reimburse 10 percent of the total fund received beginning in March,” he said.
Sipuru said each trader will repay one percent monthly, amounting to SBD1,100.00 per month, over a period of 10 months.
He said MAL expects to receive a total interest payment of SBD22,000.00 from each recipient under the scheme.
Sipuru said the capital funds and interest collected will be returned to the Revolving Fund to support the next cohort of cocoa and coconut traders.
Sipuru said, “while the implementation of the Revolving Fund has been smooth, shipping services remain a major challenge for traders transporting their products to Honiara”.
However, he said he is optimistic that shipping services to the islands will improve this year, easing constraints faced by traders in the province.
For feedback, contact: [email protected]
Editor: [email protected]
