- Agriculture and lending institutions gear up for pivotal meeting.
Policy makers and agriculture advisors will meet with major lending institutions on Friday 15th, 2023. This engagement follows the comprehensive budget consultations undertaken by the government in preparation for the estimate of revenue and expenditure for 2024, which included lending institutions. As such, an additional meeting targeting enhancements in the food production sector was scheduled.
Agriculture Minister Saboto Caesar emphasized the crucial role of the private sector as a catalyst for business development, expansion and sustainability. He noted that without Capital from the private sector we will not be able to expand production in fisheries and agriculture to satisfy the growing demand.
“Our farmers and fishers must be proud stakeholders having managed the transition from a monocrop production platform to one that is now fully diversified. Also embracing the agroprocessors who go on to add value to the sector. I am indeed grateful for all the support in achieving this goal of such a robust model.” Caesar expressed.
He further remarked, “In most countries where you have the decline of a monocrop, stakeholders do not have the faith to transition. Whilst many countries are still grappling, St. Vincent and the Grenadines’ food production sector continues to show the resilience needed to guarantee food and nutrition security and to create an income for all parties.”
The expected outcomes of the meeting are as follows:
Delivery by the Ministry of Agriculture of a revolving fund model that incorporates an automated deduction system & guarantee repayment of loans;
Information from Lending institutions on the feasibility of expanding loan portfolios dedicated to food producers, which include farmers, fishers and agro-processors and;
Establishment of provisional schedules/timelines for the activation of the aforementioned revolving fund.
The overall goal/objective is to ensure that in 2024 our farmers are able to obtain the necessary capital to increase production and productivity. The growing hotel sector, demanding large quantities of food and the increase in the demand for the export of livestock, fish and root crops will be pivotal in propelling the nation’s food system.
