CDA initiates investment assistance program for entrepreneurs

• Aims to promote bristle fibre production, encourage construction of coconut shell burners

By Charumini de Silva

In a bid to promote bristle fibre production and construction of coconut shell burners, the Coconut Development Authority (CDA) has initiated an investment assistance program to further support entrepreneurs engaged in the sector.

The CDA is responsible for the development of the coconut industry in Sri Lanka and functions under the Plantation Industries and Export Agriculture Ministry. It has decided to provide entrepreneurs with financial assistance to obtain machines.

These machines are locally improved with automated husk holding technology, and are able to manufacture bristle and mattress fibre to promote, upgrade and encourage bristle fibre production.

In 2019, Sri Lanka exported coconut fibre products worth of $197 million of which $3 million was bristle fibre.

Potential entrepreneurs who can obtain 2,500 to 3,000 coconut husks daily, have access to three-phase electricity, water supply, and infrastructure facilities, as well as financial and commercial entrepreneur skills and capabilities, are eligible to apply for the financial assistance scheme.

The industrialists will have the opportunity to purchase machinery with improved and enhanced technology, where 50% of the required capital will be borne by the CDA subject to maximum of Rs. 400,000.

The CDA has also decided to grant investment assistance to the industrialists who want to construct combustion stoves/burner ovens to promote eco-friendly, high-quality coconut shell charcoal production.

The CDA has called for applications by 20 July from prospective industrialists who are willing to manufacture coconut shell charcoal, are engaged informally in the industry, can collect 5,000 coconut shells per day, have one acre space facility, and also financial and entrepreneurial skills and capabilities.