The Interim Finance Minister has confirmed that the funds expected to be released by the European Union is expected to help achieve some of the targets set out for the sugar industry.
Mahendra Chaudhry has confirmed that through the $4.02 million under the 2006 Financing Agreement signed with the EU in June this year, 15 percent of sugar cane will be replanted with a target yield of 70 metric tonnes of sugar per hectare.
He said 10 percent of sugarcane land cultivated with inters cropping and rotation with other crops is another achievement expected.
The EU funds expected to be released within the next two months will also see the establishment of a research facility and Unit to manage the programme.
Chaudhry also confirms that work is underway to sign the 2008 financing Agreement with the EU. Chaudhry said the media outlets reporting that the funds have been withheld are purposely misleading the public.
EU funds to help achieve targets
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