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Government to implement guaranteed price for rubber, loan scheme for tea (29-06-2015)


Government to implement guaranteed price for rubber, loan scheme for tea   

(Colombo, Lankapuvath) - The Government is taking measures to uplift the industries of the country`s two main agriculture exports, tea and rubber.


The Government recently received the approval of its Cabinet to introduce a new mechanism to implement a guaranteed price for rubber and a capital loan scheme for tea industry to boost the production by small holders of the two commodities.


The Cabinet of Ministers has given approval to introduce a price scheme for the natural raw rubber taking into consideration the shortages and delays being experienced in the implementation of the guaranteed price scheme for the natural raw rubber being produced by the rubber small holders.


They have also decided to implement the project by obtaining Rs. 2.063 billion from the Treasury to implement the program until the end of September this year.


The Cabinet also approved a Government plan to implement a capital loan scheme to assist the tea industrialists to continue with their industrial activities as the tea industrialists are facing financial problems due to fall of tea prices in the world market as a result of the crisis situation prevailing in the World Market.


A capital loan scheme for all owners of tea industries through all State and Commercial Banks will be implemented.


The Cabinet has approved to provide an interest concession of 2 percent from the Treasury for such loans for a period of two years for the relevant financial institutions.


Both proposals have been put forward by the Minister of Plantation Industry Lakshman Kiriella.




(source in Eximbank)
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