Sri Lanka receives Japanese grant to set up coconut oil production facilities
The government of Japan has reportedly provided a grant of US$ 66,648 (approximately Rs. 12 million) through the Grant Assistance for Grassroots Human Security Projects (GGP) for “A Project for Installation of Coconut Oil Production Facilities in Mullaitivu District.”
The grant contract was signed by Japanese Ambassador Sugiyama Akira and Tech Ceylon Social Ventures Guarantee Ltd. Operations Director Nadarajah Senthilruban.
Tech Ceylon Social Ventures, through this project, will assist three co-operative societies operational in Visuvamadu, Thunukkai, and Nedunkerny, to establish small-scale coconut oil production facilities, the Daily FT has reported.
These facilities in the Mullaitivu district in Sri Lanka’s Northern Province, where a majority of households have coconut trees in their garden, is expected to enable community members to receive additional income and help strengthen operations of the three co-operative societies damaged by the civil conflict. Not only will this grant ensure the financial security and sustainability of the co-operative societies, it will also help enhance the skills and experiences of the traditional industrial activities in the Northern Province which were disrupted during the war.
Upon receiving the grant, Senthilruban has been quoted as saying, “Tech Ceylon is delighted that the Government of Japan has decided to support us on this important project, in a region with very high levels of poverty. We firmly believe that this targeted intervention to increase production using an abundant agricultural resource will strengthen rural incomes while advancing industrial practice in Mullaitivu.”
OSL take:
Sri Lanka’s recommencement of its development programme that was temporarily stalled due to the global Covid 19 pandemic, has also resulted in the expansion of the country’s industries sector. Given Sri Lanka’s positive economic activities, foreign bilateral and multilateral donors have expressed willingness to invest in the island’s industries sector. Also, Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country have helped the island’s economic and industrial expansion. Foreign businesses/investors could therefore confidently explore business opportunities in Sri Lanka.
| Article Code : | VBS/AT/20210218/Z_2 |