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Fiji Time: 4:27 PM on Wednesday 16 April

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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."