The sugar industry has received a major boost with the opening of the new Sugar Cane Growers Fund office in Lautoka, which is set to improve financial services and deliver direct benefits to cane farmers.
Minister for Sugar Industry, Charan Jeath Singh officially opened the new office and described it as a significant milestone in the sector’s transformation.
Singh says the investment aligns with the National Development Plan and is designed to ensure long-term sustainability while easing financial pressure on growers.
He says the SCGF has returned about $1 million to farmers from total revenues of $4.5 million, including $500,000 through interest rate reductions and $500,000 via Mortgage Protection Cover.
He highlighted that around 22 percent of SCGF’s earnings have been reinvested into the farming community.
The Minister says the move demonstrates how a grower-focused institution can deliver direct value to farmers.
He called the asset acquisition a strategic investment aimed at generating sustainable income and long-term benefits for sugarcane growers.
Singh also commended the SCGF board and management for their prudent governance and strong leadership.
The SCGF currently serves 4,301 growers and manages over 5,000 loan accounts, with a loan portfolio valued at around $39 million,with about 2,000 more potential growers, the Fund sees an opportunity to expand lending by an additional $20 million.
Singh says SCGF aims to underwrite over $34 million in loans over the next three years, growing its portfolio to $50 million.
He adds this expansion is expected to be supported by a projected rise in cane production, which is forecast to exceed 2 million tonnes by 2025.
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