Fiji Time: 9:32 PM on Saturday 28 November

Fiji Times Logo

/ Front page / News

FSC seeks $150m loan

Felix Chaudhary
Friday, February 21, 2014

FIJI sugar industry stakeholders will approach the EXIM Bank of India to negotiate funding of about $150million for cogeneration plants for the Rarawai and Labasa mills.

Sugar permanent secretary Lieutenant Colonel Manasa Vaniqi said a delegation led by FSC executive chairman Abdul Khan would meet officials of the Indian bank to obtain loans for the two plants.

"These are huge investments," he said.

"The boiler for the Labasa mill alone will cost us $19m and setting up a cogeneration plant at Rarawai in Ba will cost us $US70m ($F131.6m).

"However, in saying that, the return on this investment will also be lucrative for the industry, for farmers and for the country."

Lt-Col Vaniqi said industry stakeholders and the government were also looking at the viability of setting up a sugar refinery.

He said the associated costs had to be taken into careful consideration before any further development could be made.

"Building a refinery that will produce 30,000 tonnes of refined sugar annually will cost us $56m."

Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Code Inward TTs Outward TTs
CAD 0.62590.6069
JPY 58.270455.2704
GBP 0.31140.3034
EUR 0.44340.4314
NZD 0.72230.6893
AUD 0.65460.6296
USD 0.47290.4559



Exchange Rate updated on 27th November 2015

Today's Most Read Stories

  1. 7s with a smile
  2. Former CEO recalls days of sunken vessel
  3. 'Ship was fit to sail'
  4. Tears of joy as Tubalagi graduates
  5. Give them this day their daily bread
  6. Roadworks to end soon
  7. No leakage of diesel from sunken ship
  8. Bridges to run a century
  9. PS confirms oil volume
  10. Stage set for fashion show

Top Stories this Week

  1. Left for dead Wednesday (25 Nov)
  2. MV Suilven sinks Wednesday (25 Nov)
  3. 8 years for raping man Tuesday (24 Nov)
  4. MV Suilven sinks in Suva Harbour Tuesday (24 Nov)
  5. Torture suspects known to police Thursday (26 Nov)
  6. Friend indeed Monday (23 Nov)
  7. 'Racial slur' Sunday (22 Nov)
  8. Sevens hurdle Tuesday (24 Nov)
  9. Sex assault claim Thursday (26 Nov)
  10. Prof Prasad leaves school premises as 'mark of respect' Monday (23 Nov)