The Mauritius Cane Industry Authority (MCIA) and Landscope (Mauritius) Limited have just signed a lease agreement for the construction of a sugar storage warehouse facility of a capacity of 150,000 tons at Riche Terre.
The MCIA also signed a Memorandum of Understanding with the Development Bank of Mauritius (DBM) for an upfront crop financing loan to small sugar cane planters for cane replantation.
Approximately 16 arpents of state land vested to Landscope (Mauritius) Ltd under the 2021/2022budger, for mixed use and port/logistic related projects, will be used by the MCIA to implement this Rs 250 million project.
The purpose is to relocate and increase the storage capacity for bagged sugars under one roof within the port region with a view to facilitate access to and from the new warehouse.
This is expected to reduce storage cost by not having recourse to different private operators’ warehousing facilities. The savings made will contribute in increasing the producers’ revenue.
The 2020-21 budget also provides for an amount of Rs 30 million under the Cane Replanting Scheme to be allocated as grant to small/medium planters with a view to encourage them to replant their fields and to remain within the cane cultivation activity.
The DBM will provide a loan of up to Rs 50,000 per arpent, repayable at an interest rate of 2% per annum, subject to the borrower complying and/or satisfying all the terms and conditions of the Bank.
The loan will have to be reimbursed as follows: Rs 35,000 per arpent by the MCIA as grant element on behalf of the eligible planters; and the balance of Rs 15,000 per arpent together with interest thereon over two years shall be repaid by the planter in two consecutive annual instalments.
Original article at GIS Mauritius
