BOC to support shrimp farming projects

Vishmi Wijeratne

Bank of Ceylon (BOC) together with The National Aquaculture Development Authority (NAQDA) of Sri Lanka, and the King Aqua Services (Pvt) is to support 27 out-growers in cluster based Shrimp farming projects financially and also by providing them with opportunities to develop the market. The project proposed by the NAQDA is to be implemented for operating a shrimp farm complex on the basis of cluster farming system and this will in turn revive the shrimp cultivation in the Vakari area which was affected by the civil disturbances and disrupted by the Tsunami.

"It is anticipated that the revival of shrimp farming in Vakarai would support coastal community in the area as an alternative livelihood especially for the Tsunami and war affected people. It has prepared a zonal plan for the Batticaloa District. Under that, a project is to be implemented for operating shrimp farm complex on the basis of cluster farming system," stated by the NAQDA.

The pilot project at the Vakarai is to have 30 ponds each with an area of 1.3 Acres. 27 of these ponds will be maintained by the out-growers and three would be maintained by King Aqua Services (Pvt). The out-growers for this project were selected by the NAQDA with the assistance of the Divisional Secretary in the area and they will operate the farming according to the internationally recognized, risk free cluster farming system.

"The out-growers will operate and maintain the 27 ponds which will cost around Rs. 0.3 million. Realistically, this cannot be afforded by a Tsunami affected person. Thus, the Bank of Ceylon is prepared to give these farmers a hand by providing them with a special finance scheme," Product and Development Banking Deputy General Manager, Bank of Ceylon, Senerath Bandara said.

This loan scheme is being initiated to benefit the rural community and promote food security which will provide a two year repayment scheme under four equal installments.