Commodity Fund official here to discuss new projects
COMMODITIES: The visiting Managing Director of the Common Fund for
Commodities (CFC), Ali Mchumo, yesterday stressed the need for the
Government and the private sector to make the maximum use of projects
financed by CFC as developing economies such as Sri Lanka largely depend
on the export of commodities.
Mchumo who is here to observe the ongoing CFC financed projects and
to hold discussions with various Ministers and officials on new projects
said that it has become increasingly important to disseminate
information about CFC projects and project results in order to gain
maximum benefit from them.
The CFC is currently engaged in several projects in Sri Lanka mainly
in the sectors of coconut, coir, rubber, tea and several non-traditional
In addition, it covers other commodity sectors that could be of
interest to Sri Lanka including, hard fibres, jute, citrus, fruits,
bamboo and fish. Mchumo during his visit is scheduled to meet the
Minister of Plantation Industries and the Minister of Fisheries and
officials of the Commerce Department.
Mchumo said that one of the main objectives of the Fund at present is
to promote various commodities in different regions in order to enable
them to obtain maximum prices in the international market.
"Governments can forward us with project proposals and we finance
such projects depending on how effective they are in meeting our
objectives. Our projects aim at areas such as pre and post harvest
productivity. The results of these projects can be used by the private
sector effectively to promote their exports," Mchumo said.
The Common Fund for Commodities is an inter-governmental financial
institution established within the framework of the United Nations. The
Fund's specific mandate is to support developing countries that are
commodity dependent to improve and diversify commodities production and
The Fund's projects typically have a market development and poverty
alleviation orientation; and through a variety of project-based
initiatives, the Fund places a high premium on development of
commodities-based economies upon which the producers and exporters
depend for their livelihoods.
The Fund currently has a membership of 106 countries and
institutional members including the European Community (EC).