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A New Credit Scheme for Fisheries Sector

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Submitted By DMILINDA
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|ABC BANK PLC |
|PROPOSED CREDIT SCHEME FOR FISHERIES SECTOR IN SRI LANKA |
| |
| |
| |
|BY S K DESHAN MILINDA |
| |
|Date: 10/17/2012 |
| |

Table of contents:

Introduction ……………………………….. 02

Fishing Societies ……………………………….. 03

Production & domestic market ……………………………...... 04

Consumption ………………………………... 05

Export & Imports ………………………………... 06

Social Welfare ………………………………... 07

Credit schemes by other banks ……………………………….... 08

Government Policy ………………………………… 09

Proposed Credit Scheme …………………………………. 09

Implementation ………………………………….. 11

Introduction

[pic]

Sri Lanka is a tropical island nation in the Indian ocean with a coastline of little over 1500km and an exclusive economic zone of over 500,000 sq km. Sri Lanka has a population of nearly 22 million out of which 650,000 or so are directly or indirectly involved in fisheries. Sri Lanka has nearly 480,000 hectares of estuarine and freshwater areas suitable for a wide range of aquaculture activities.

Sri Lanka’s national fish production was 340,000mt in 2009 & it has increased up to 445,000 in 2011 due to various factors, Actuality it is a 30 percent increase in production, due to accelerated fisheries development plans. Marine landings account for 86 percent of the production while inland fisheries contributes 14 percent. In 2005 the total production was only 163,000mt due to the destruction of the national fleet for Asian tsunami. Fisheries contributes to 1.7 percent of the national GDP.

Since there is only limited scope for expanding the coastal sector , the main thrust area of increase production is the offshore and deep sea sectors. Over the last two year period production from this sector has increased from 110,000mt in 2009 to over
160,000mt in 2011. Sri Lankan government has taken some measures to prohibit destructive fishing methods such as bottom trawling, light fishing, small mesh nets, explosive etc. In addition to that government has negotiated with Indian officials also to stop invadings by foreign fishing boats & Sri Lanka Navy is guarding the maritime territory.

[pic]

Sri Lanka’s marine fisheries resources base has a total extent of 538,850 km2 and is rich in species diversity.
|Territorial Sea |21,500 km2 |
|Exclusive Economic Zone (EEZ) |517,000 km2 |
|Continental Shelf Area |30,000 km2 |

Fishing Societies

The important areas of fish production in the North & East of the country experienced civil unrest for almost three decades from 1983 onwards. As a result the contribution of these areas to national fish production, which stood at over 40 percent before unrest, dwindled to only 7 percent by 2007.After return of piece of the government is now doing its best to reestablish the sector to its former glory.

It is heartening to note that by 2011 the production has increased to 15 percent of the total, yet far below the targeted 50 percent. The national fishing fleet of over 57,000 vessels is basically artisanal in nature, out of which almost 40 percent are non-motorized. The fleet of multiday boats , with nearly 3,800 vessels contributes significantly towards over 160,000 mt landings from the deep- sea, Government are now in the process of redefining our fleet development plan taking in to consideration economy of operation in the face of rising fuel costs.
Government are moving a step further now to ensure that countries fishermen will not, accidently or by design , enter waters of another country. This We hope to do by installing vessel monitoring nits capable of tracing vessel movements I the vast oceans. This is a costly exercise. Fitting 3,200 or so multiday boats will cost nearly nine million Euros. This shows how serious Sri Lankan government take theirs international obligations. These type of actions will definitely help to stop the invadings of foreign fishing boats also.

According to the government officials ,Sri Lanka’s fisheries sector development plan has several key goals: increasing the total fish production to 685,000mt , increasing the per capita consumption to 60gms, increase the market share of the Ceylon Fisheries cooperation coming under the ministry to 10 percent to ensure prize stabilization , improve the socio-economic status of the fishing communities and ensure the industry addresses sustainability of the resources.

Production & Market

[pic]

Being an industry based on the artisanal sector with no industrial fishing , the government lays much emphasis of the social and economic well being artisanal fishermen. This slide shows some of the strategies adopted in this regard. Initiatives taken by the government in this regard includes providing micro-finance, fisheries loans, self- help scheme , pension and insurance scheme and wide ranging social welfare measures including fisheries housing and infrastructure.

Meanwhile, Government & private bodies have also embarked on an integrated and well coordinated development effort for the sector with emphasis on improving access to the technology, finance, markets, and marketing, and marketing infrastructure etc. With the view to strengthening the role of the artisanal sector in the value chain and to improve the social and economic conditions of poor fishing communities.

To ensure availability of fish to the population at a competitive price government has embarked on an ambitious domestic market development programme. The autonomous Ceylon Fisheries Corporation will play a key role in this regard with respect improving the availability of fish throughout the country through its targeted 150 stalls programme.

Government has already set up 125 stalls in strategic locations and also helped to stabilize the prize of fish. Government target is for the CFC to eventually hold a 10 percent of the market share so that it can effectively contribute to improve fish availability and price stabilization in the long term. However , the government looks as it from a social responsibility angle – to ensure food security and address the nutrition of the wider population.

Consumption

Sri Lanka is net importer by volume and a net exporter by value. Sri Lanka import nearly US $ 141 million worth of canned fish, dry fish and smoked fish (Maldives fish) annually. Exports are worth about US $ 190 million and consists mainly of shrimp, tuna, and other food fish.

Recently Government has established the first cannery in Sri Lanka in the Southern port city of Galle under a private-Public partnership. Two more private canneries will go in to the operation shortly. Even with these country will not be able to cater for the daily requirement of 100,000 cans and we may have to depend on imports for some time to come.

Our major exports market is the EU (43 percent) followed by Japan (18 percent) and (9 percent). Government is now in the process of actively diversifying products and markets to cushion fishing industry from various market shocks. Considering the good domestic market prices exports of some items have become less and less attractive for the exporters. As such value addition has become a necessity in this sector.

With a vast coastal area at its disposal, and as a sea faring nation from time immemorial Sri Lanka has a relative large, vibrant fishing community. According to the sources, 650,000 of the population are directly or indirectly involved in fisheries 650,000 . But It is estimated that about 2.6 million, almost 12 percent of the population is engaged in fishing related livelihoods. So it has become very important industry & potential market for banking industry also.

Marine Fish Production by fisheries Districts (mt)

|Fisheries Districts |2000 |2005 |2007 |2008 |2009 |(2009) |
| | | | | | |1% |
|Matara |35,480 |17,090 |48,460 |47,810 |44,180 |15.1 |
|Negombo |34,540 |16,940 |35,710 |35,820 |37,490 |12.8 |
|Kalutara |33,140 |11,560 |39,950 |39,580 |33,100 |11.3 |
|Trincomalee |13,540 |6,790 |8,150 |17,980 |27,690 |9.4 |
|Galle |27,830 |11,210 |17,820 |14,800 |24,930 |8.5 |
|Batticaloa |9,860 |7,650 |11,710 |21,850 |24,530 |8.4 |
|Chilaw |25,650 |9,360 |24,180 |22,060 |21,950 |7.5 |
|Tangalle |33,470 |6,220 |20,990 |20,850 |20,990 |7.2 |
|Puttlam |29,730 |11,670 |17,130 |16,960 |20,010 |6.8 |
|Kalmunai |9,210 |7,940 |12,810 |22,050 |16,260 |5.5 |
|Jaffna |6,400 |12,790 |5,130 |5,830 |13,080 |4.5 |
|Mannar |1,200 |8,380 |9,170 |7,390 |8,130 |2.8 |
|Colombo |3,130 |560 |510 |1,030 |830 |0.3 |
|Mullativu |500 |780 |360 |260 |n/a |n/a |
|Killinochchi |n/a |1,460 |590 |360 |n/a |n/a |
|Total |263,680 |130400 |252,670 |274,630 |293,170 |100.0 |

Source: Ten year Development Policy Framework, Ministry of Fisheries & Aquatic Resources (2007)

Marata, Negombo and Kalutara are the districts that bring the largest marine fish catch in the country. Matara district accounts for a share of 15% of total fish production, while Negombo and Kalutara districts accounts for 13% & 11% respectively. Northern Province comprising of Jaffna, Mullativ and mannar districts has great potential to contribute a lot more to the marine fish production of the country

Export performances:
Over the last ten years export of fish has remained less than 3% of total value of exports.
Fresh & frozen fish accounts for about 81%, while crustacean’s mollusks account for nearly 17% of the total fish exports. The inadequacy of investment in fish processing and related activities has resulted in poor export performance.

Imports

Fish imports accounts about 1.2 percent of the total imports value. Out of total fish imports to Sri Lanka, dried fish account for about 55%, canned fish about 20 percent and Maldive fish for about 25%.

Fish Processing & Export:

At present fisheries sector contribution in terms of export earnings is insignificant and only 7% of the local fish catch is exported. Fisheries sector has the potential to contribute more to the counter as a source of foreign exchange.Sri Lanka exports of fishery products includes fresh,chilled and frozen tuna fish, shrimp, lobsters, sharks fins and sea cucumbers etc. Although the exports of fish and fishery products are at a minimal level there is significant scope for expanding the fish processing and exports sector with the private sector participation. At present several companies are in to fish processing and exporting with the approval and operating license from the Department of fisheries & aquatic resources.

[pic]

Social Welfare

We are also in the process of organize fishermen groups to local fisheries bodies under the umbrella of the National Fisheries Federation which will give ranging membership benefits. These include fisheries pension schemes, micro-finance, fisheries loans, self – help scheme and wide ranging social welfare measures including fisheries housing and infrastructure. We wish to do away with the traditional label on the fishermen as a group with poor socio-economic status and to gradually integrate our fishermen to the emerging market economy. In spite of what we are doing today to ensure the food security of our nations and welfare of our fishermen, there are doing our control which can negate all our good efforts in a matter of few years. These may take many forms environmental, political or market oriented. We are already experiencing ill effects if the fuel crisis and the economic downturn in our markets. In this scenario the “water wars” and “famine situation” some predicted, and which may lead to serious conflicts in many parts of the world, can not be taken lightly. This is the time for us to take stock of what our successes and weakness in facing the impending challenges.

Credit schemes introduced by other competitors specially for fisheries sector

As per records, few special credit schemes have been introduced by several local banks to the fisheries sector. Most of the schemes have been unsuccessful & Most of the credit facilities have gone bad due to various reasons. Mainly some schemes have been introduced by government banks to assist to communities who have been affected by natural disaster like tsunami. So most of the loans have gone bad since their repayment capacity is very low& years later those government banks have to write off those facilities or government has instructed to do so due to various reasons. Another fact is, loan proceeds have not been utilized properly as agreed. This is mainly due to the unavailability of a proper follow up actions. In addition to that those fishing persons have not been properly educated how to use the funds.

Bank of Ceylon has introduced 02 special credit scheme called “Diyawara Saviya” & “Diyawara Diriya”. “Diyawara Saviya” credit scheme was funded by Central Bank of Sri Lanka & it was introduced to assist the fishing families adversely affected by tsunami disaster. A key feature of this facility is the concessional interest rates.

Other Loan scheme is “Diyawara Diriya” & it was funded by Bank of Ceylon itself. The main objectives of this product were to increase the total fish production of the country, encourage fishers to explore the unexploited fish resources,minimize the post harvest losses & to increase the living condition of the fishermen involved in fishery.

In addition to Bank of Ceylon, another state owned bank Rural Development Bank has introduced a special credit scheme for the fisheries sector. According to RDB’s records Loans to the fisheries sector are available at concessional rates and soft securities to purchase fishing equipment for community development .Further loan facilities are also offered to purchase multi-day fisheries boat and other small boats. RDB also offers special loans for inland fishing farming and ornamental fish breeding.

In addition to the above schemes there are only few special credit schemes have been introduced to the fisheries sector. Main thing is most private banks has not seen this industry as potential as actually it is. Further existing credit schemes also have not been utilized properly. As result of that still the fisheries sector is suffering with the lack of funds although there are thousands of opportunities to expand the industry.

So In view of helping the fisheries industry as a national responsibility to increase the production, exports & to start new industries as well as increasing our bank’s profits we are going to introduce a special credit scheme for fisheries sector considering country’s maritime resources & the fast development in the industry with the end of the war.
(specially in north & east areas)

Proposed New Credit scheme for Fisheries Sector by ABC Bank PLC

We have done an industry analysis & found some special facts pertaining to the fisheries sector. So initially we should implement this project in some selected areas in the country considering followings, (here we are targeting the marine fishing community)

a) No of fishermen in the area b) No of fishing families in the area c) No of fisheries inspector divisions in the area d) No of Boats or fishing crafts in the area e) Marine fish production in the area (in previous years) f) Environmental factors & social factors
Followings statistics issued by department of fisheries are vital to find those potential area in the country.

|Fisheries District |No of fisheries | Number of boats |Number of active|Number of |
| |(FI) Divisions | |fishermen |fishing |
| | | | |families |
| | |
|Matara |The largest marine fish catch district (15.1%) in the country according to the statistics issued by Ministry of |
| |Fisheries & aquatic resources in 2007 & most number of over 28Ft long multi-day boats |
|Negombo |The 2nd largest marine fish catch district (12.8%) in the country according to the statistics issued by Ministry of |
| |Fisheries & aquatic resources in 2007. |
|Kalutara |The 3rd largest marine fish catch district (11.3%) in the country according to the statistics issued by Ministry of |
| |Fisheries & aquatic resources in 2007. |
|Batticoloa |Most number of fisheries inspector divisions in a single district in the country. |
|Jaffna |Most number of fishing families, most number of mechanized |
| |& non- mechanized traditional fishing crafts |
|Trincomalle |Most number of active fishermen & most number of Fiber-glass reinforced boats |
|Puttlam |Most number of Beach seine crafts |
|Kalmunai |Most number of 28ft long, 3.5 ton one day boats |

We should introduce this scheme to assist all small, medium & large scale fishermen & businessman engaged in this trade. It will help us to expand our brand name & for cross selling such as deposits, minor accounts…etc also. Securities for these facilities should be varying according to the facility amount & we should place a proper recovery plan also to minimize the default risk.

Further we have so many opportunities to spread this proposed loan scheme since most of the private banks still have not introduced a single a special credit scheme for fisheries sector & existing credit schemes also have not been properly adjusted to the development of the fisheries sector or they have not been utilized in a proper way.

Implementation of new credit scheme

We should categorized the customer under this scheme as small ,medium & large scale.
According to that our objectives are different as follows,

i) Small scale Businessmen –

Most of the fishermen come under this category. We should introduced this scheme to them through their respective fisheries inspector divisions. Soft securities should be obtained & proper follow up action & recovery plan should be placed. It is better if we can allow the our respective branches in those area to carry out a daily collection system where we can build a good relationship with the fishing community & we can assure our recoveries also. Loans should be allowed to a specific purpose & respective branches should follow up whether the funds have been utilized in a fruitful manner.

ii) Medium scale businessmen –

The businessmen who comes under this category are the potential customers in the area.There may be 25-50 customers in a single fisheries inspector divisions. Normally multi day fishing boats & high capacity fishing crafts are owned by these businessme. So we have to recognized those customers and should supply the financial assistance to them to develop the industry furthermore. These type of loans should by supported by a tangible securities such as immovable property or if it is leasing facility absolute ownership, insurance…etc. We can expect more profitability from this category since there are so many business opportunities. Further our country can save huge amount of money which we are spending on high imports as we mentioned in page no.07, (to import dried fished, canned fish...etc) .

iii) Large scale businessmen or private entities –

Under this category we should consider the requests for new projects such as starting a new canned fish factory.( But the applicants should be well experienced in the trade & his contribution should be considered).According to the statics issued by ministry of fisheries, country’s daily consumption of canned fish is 100,000 cans. But in our country, we are still producing only 10,000 cans per day. So new entities have the huge market to supply goods. These type of loan facilities should be evaluated carefully & approved by the head office level since most of times loan amount is high. Securities can be case by case. But however loan should be fully secured by acceptable securities to the bank.

****************************

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2012

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