PR – As part of the Covid-19 Emergency Stimulus Plan Government approved funding totaling three Million dollars to the GCNA; comprising one Million dollars as a grant for price support to the farmers and two Million dollars in the form of a concessional loan to assist the Association with working capital.
The $1.0 million grant will allow the Association to continue to buy from the farmers even while they cannot sell due to a falloff in demand and supply chain disruptions as a result of the pandemic. The funds are to be used for direct assistance to farmers and not for any other purpose. In this context, the Grant Agreement provides for an
audit of the grant to ensure that the funds are used for the intended purpose.
The terms and conditions for the loan component have not yet been finalized and the expectation is that this would be completed by the end of this financial year.
Present at the signing ceremony were representatives from the Ministries of Finance and Agriculture and the GCNA management and Board of Directors.