Sugarcane farming is a safe and sound investment and makes for a good retirement plan.
This was the sentiment of Sugar Cane Growers Fund Chief Executive Raj Sharma during the launch of the Fiji National Provident Fund/Farm Purchase Promotion in Lautoka yesterday.
Sharma says under the promotion, FNPF members can use their housing eligibility to buy a farm, buy a farm and construct a farm house, buy a farm with a house or reduce their farm loan.
He says the package targets working-class professionals and those who will be retiring in the next 10-15 years.
The Chief Executive says one can never go wrong with cane farming as it withstands unfavorable weather conditions and there is no need to look for a market.
He says people have to contribute 33 percent of the cost that may come from FNPF and the rest is funded at a six percent interest rate, repayable over either a 12- or 15-year term, provided the loan is paid off within five years before lease expiry.
Sharma adds that after COVID-19, quite a number of working professionals from the civil service, tourism sector, and other private sectors have invested in cane farming.
The FNPF/Farm Purchase Promotion offers cash prizes for all successful applications that will be drawn on December 23, 2022.
First place prize money is $300, $200 for second place, and $100 for third place.