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Sep 16, 2011

DFC peels credit for Banana Industry Rehabilitation

Three consecutive nights of thunderstorms pounded the banana farms in the south last week. It is estimated that close to twenty million dollars were lost when the rains destroyed the young plants and the bananas that were being prepared for export. The setback to the industry has been huge; exports to Fyffes in UK are expected to reduce at least forty percent. Today the Development Finance Corporation announced that a four million dollar line of credit has been provided for the Banana Rehabilitation Program 2011 to the Banana growers Association. Given the urgency of the situation, the DFC also says it will expedite loan requests.

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3 Responses for “DFC peels credit for Banana Industry Rehabilitation”

  1. Ricky Malthus says:

    The Social Security Board (SSB) is not in the business to gamble the Contributors i.e. the tax paying public, money on risk ventures. Either the SSB Administration doesn’t understand its mission or why it was created or its creators don’t understand the universal rationale for the existence for SSB. But it is not to lend the people’s money. The money must be available to pay for enemployment, sickness, injuries, and other social programs such as retirement but not to lend to anyone not even employees at single digit interest rates. If the SSB insist on making loans, then the government must change the laws and provide equall access to loans to all individuals and businesses. Come on ,understand business or get out of business.

  2. RedBwai says:

    Hmm… more DFC money being borrowed dat wont be getting paid back….do u really mean to tell me the banana industry hasnt been making any profits from since time was time?? I mean if ur a smart business person, you would at least reinvest a portion of ur profits back into your business to expand and boost production. When a disaster like this happens, its strange to see how all of a sudden no one has any money put aside to aid with the restoration of production..Those people who own these banana farms are millionaires….but they fail to see in business everything is a risk…you win some u loose some…there will be gains and there will be losses… Instead of absorbing their losses and picking themselves up with a lil dignity…they cry to goverment for assistance…i bet if u check their books…they have the money to bring back the industry to where it was…they jus dont like gambling with their own money….but they would rather do it with our money….strange…

  3. Ricky Malthus says:

    Some people might be wondering why i said SSB must not lend money to Banana people. Well, I said that to see if you realize that SSB passes through millions of dollars to DFC to make loans .So essentially, It is SSB giving away millions of taxpayers money to undeserving wastrels. Happy independence day.

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