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News

$120 million loan for farmers

August 23, 2012 5:40 am

Prime Minister Voreqe Bainimarama says the $120 million loan from ANZ is to aid sugar farmers and the sugar industry by improving FSC’s cash flow.

Bainimarama says now FSC will have financing on hand to carry out preventative maintenance at the crushing mills.

He adds FSC will be to pay farmers on time –as in the past sometimes delays of up to 6 weeks were experienced.

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FSC Executive Chair Abdul Khan says the loan is a boost for the farmers.

“Basically the need of the facility is to help us with our cash flows, as yopu all know that government has been providing us money to ensure that we have sufficient money to stand on our own and this facility will help us to stand on our won rather than depending on government coffers.”

FSC and ANZ today signed a Memorandum of Understanding for the $120 million loan.

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