The Coffee Industry Board (CIB) through the Ministry of Agriculture and Fisheries successfully secured an emergency loan facility of $310.5 million Jamaican Dollars from the EX-IM Bank and the Development Bank of Jamaica to purchase coffee in the High and Blue Mountains on behalf of the coffee dealers. This loan was secured in a bid to preserve the coffee industry as several coffee dealers were unable to purchase the cherry coffee from the farmers.
A total of $310.5 million was approved for disbursement to the CIB by DBJ/EXIM in December 2010. To date the amount of $140,000,000.00 has been received from DBJ and $19,890,000.00 from EX-IM Bank.
The first disbursement was made on December 23, 2010 in the amount of $114 million apportioned as outlined below.
Wallenford Coffee Company Limited
Blue Mahoe Estate
The latest disbursement of J$ 33,819,900.00 on the 11th February 2011, will complete farmers payments for Coffee Delivered between the 9th December 2010 to the 21st January 2011 for Coffee brought by the Wallenford Coffee Co. Ltd. Farmers who have delivered coffee to WCC should check with their respective selectors for payment.
The first payment for one box of Blue Mountain Coffee was $1,500 per box and the first payment for High Mountain Coffee was $1,000 per box. The second payment will be made after the coffee has been sold.
The CIB currently has a request for payment of $22million from Mavis Bank Coffee Factory Limited based upon coffee purchases, and the CIB is currently in the process of verification.
There were a number of legal hurdles with regards to the security for the loan that prohibited its timely disbursement.
The Coffee Industry Board recognizes the present challenges being experienced in the field by both the farmers and the coffee dealers and gives its commitment that it will enadeavour to make payment in a timely manner.
For more information visit http://www.ciboj.org
The Coffee Industry Board will always strive to live by its mission as stated below;
The Coffee Industry Board encourages the development of the Jamaica Coffee Industry, promotes the welfare of persons engaged in the industry and protects the quality and integrity of Jamaican Coffee.
The Coffee Industry Board’s principal role is to promote, regulate, monitor and guide the development of the coffee industry of Jamaica and to assure quality of Jamaican coffee.
Issued by: The Ministry of Agriculture & Fisheries