GrantSENATOR NORMAN Grant on Friday endorsed the $600 million allocation from the National Insurance Fund (NIF) and the Bank of Nova Scotia to provide loans for farmers in the agricultural sector at single-digit interest rates.
In his contribution to the State of the Nation Debate in the Senate, Senator Grant said the allocation is expected to "result in the creation of job opportunities and the advancement of a better quality of life for our rural people." Senator Grant is also president of the Jamaica Agricultural Society.
Expressing confidence that farmers would honour their loan repayments, the Senator told the Upper House that should farmers become collectively involved in taking up the loans being offered, "it would lead to further growth and development of the economy."
"I have great faith in the continuous commitment, confidence and credibility of our farmers that they will discharge their obligations accordingly," Mr. Grant added.
The Senator said he anticipated the creation of a framework to disburse the money in an expeditious manner to the agricultural sector, adding that the Jamaica Agricultural Society (JAS) stood ready to become involved in the disbursement process.
In her Budget Debate presentation on May 9, Prime Minister Portia Simpson Miller announced that $1 billion from the NIF would be made available to small and micro enterprises at affordable interest rates.
From this sum, $250 million will be available to farmers as loans, along with $350 million from the Bank of Nova Scotia. The money will be loaned to the farmers through on-lending agencies.
In the meantime, the JAS is finalising the terms of an agreement with the People's Co-operative Bank, which will provide a framework for farmers to access funds, as soon as the relevant ministry signs off on the overall disbursement procedure, Senator Grant informed.
On the matter of the Prime Minister's move to return land and irrigation to the portfolio of the Agriculture and Lands Ministry, he cited the shift "as a first class move."
Noting that he had previously called for more protection of agricultural and irrigable lands in a motion moved in the Senate, Senator Grant said he welcomed the merging of lands with agriculture, as did other farmers in the island.
"We, the farmers of the country, salute the Prime Minister and administration for that move," he said.
