By Ravi Ladduwahetty
Ceylon Finance Today: The concept of a Commodities Exchange would be launched in Sri Lanka soon which will also have concessionary funding from the World Bank worth US$ 6.5 million where warehouses for the storage of grains and cereals would be constructed.
There is initially the construction of a massive warehouse in Galenbindunuwewa in the Anuradhapura District where cereals and grains could be stored, where the farmers could sell their produce within a time limit of 120 days when they get the best prices, a senior spokesman for the Ministry of Finance told the Ceylon FT on Friday.
Some of the products which could be stored at these warehouses are: paddy, corn, soya bean, green gram, black gram, and the new warehouse would see the storage capacity of 500,000 tonnes of all commodities within an area of two million square feet.
There would be other similar warehouses constructed in Mannar, Moneragala and other agricultural areas as well, based on the success of the initial one, he said.
The government would be charging a nominal storage fee of one cent per kilo of every grain in the first month, but would charge only 50 cents per kilo of the grain from the second month; but the lessee will have to clear his stocks within the stipulated 120 days, the spokesman said.
This system would also come in handy for those farmers who cannot get the best prices for their produce, await the time that the prices of those commodities are at a peak, he said, adding that these farmers, would also be able to avail themselves of loan facilities for 50% of the value of the produce they have in stock at the warehouse.
www.ceylontoday.lk
Ceylon Finance Today: The concept of a Commodities Exchange would be launched in Sri Lanka soon which will also have concessionary funding from the World Bank worth US$ 6.5 million where warehouses for the storage of grains and cereals would be constructed.
There is initially the construction of a massive warehouse in Galenbindunuwewa in the Anuradhapura District where cereals and grains could be stored, where the farmers could sell their produce within a time limit of 120 days when they get the best prices, a senior spokesman for the Ministry of Finance told the Ceylon FT on Friday.
Some of the products which could be stored at these warehouses are: paddy, corn, soya bean, green gram, black gram, and the new warehouse would see the storage capacity of 500,000 tonnes of all commodities within an area of two million square feet.
There would be other similar warehouses constructed in Mannar, Moneragala and other agricultural areas as well, based on the success of the initial one, he said.
The government would be charging a nominal storage fee of one cent per kilo of every grain in the first month, but would charge only 50 cents per kilo of the grain from the second month; but the lessee will have to clear his stocks within the stipulated 120 days, the spokesman said.
This system would also come in handy for those farmers who cannot get the best prices for their produce, await the time that the prices of those commodities are at a peak, he said, adding that these farmers, would also be able to avail themselves of loan facilities for 50% of the value of the produce they have in stock at the warehouse.
www.ceylontoday.lk
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