The Ministry of Agriculture and Livestock (MAL) has reminded all recipients of the Cocoa & Coconut Revolving Fund (CCRF) under Expression of Interest (EOI) call one that the first monthly soft loan repayment is now due.
In a statement issued by the Ministry’s CCRF explained, under the terms of the signed grant agreements, recipients are required to begin monthly interest repayments immediately.
“All payments must be made to the MAL Development Account, in accordance with the repayment arrangements agreed upon at the time of funding approval.”
MAL emphasizes that the grant agreement is a legally binding document. Because of this, those who fail to pay up on time will face legal challenge.
“Recipients who fail to meet their repayment obligations risk legal action being taken to recover any outstanding amounts.
“The CCRF is designed to support our farmers while ensuring the sustainability of cocoa and coconut production in Solomon Islands.
“Timely repayments are essential to keep the program viable and available for future participants,” the Ministry’s CCRF Secretariat said.
The Ministry urges all CCRF recipients to fulfil their commitments promptly to contribute to the ongoing success and sustainability of the program.
