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June 03, 2009

EU to fund Zimbabwe’s sugar industry

The European Union (EU) has pledged to disburse 2,3 million Euros to resuscitate the troubled industry. Hippo Valley Estates confirmed the funding of the industry by the EU, as part and parcel of the latter's adaptation strategy.

"As part of its adaptation strategy, 2,3 million Euros have been approved for disbursement allowing for the establishment of operational infrastructure for this programme," said a source from Hippo Valley.

Price controls introduced by the government last year and speculative activities caused the scarcity of sugar on the domestic market.Most retailers are selling imported sugar.This has adversely affected Hippo Valley's production capacity which has declined by 15 percent for the 2008/9 season.

The Sugar Industry managed to sell 185 935 tonnes on the domestic market which is 19 percent lower than the 229 433 tonnes sold last year.The reduction in production has been attributed to negative economic conditions which prevailed last year.

Zimeye

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