CPBL waiting for approval of 5 million

The Citrus Products of Belize Limited is still waiting on word from the Heritage Bank as to whether the Central bank will approve a 5 million dollar facility in order for CPBL to make payments to farmers.  In a press release issued today by the Citrus Growers Association, the group that represents a majority of Citrus farmers, CPBL has informed them that Central Bank met on the 9th March, 2016, but that they have not been formally apprised of any approval from Heritage Bank to date. This continues to put CPBL behind in making scheduled payments to farmers for fruits that have been delivered to the factory over the last few weeks. CGA says that CPBL has indicated that “they may be able to pay by March 11th, 2016 from their own cash flow. We spoke briefly today with CEO of CGA, Henry Anderson who clarified the delays.  CPBL had been proactive, knowing that First Caribbean bank is no longer in the picture, and had made a loan request for 5 million dollars from Heritage Bank back in December of last year.  However, it has been 3 months without word from the Central Bank regarding approval. CPBL will be releasing last’s week fruit payment to Growers tomorrow as promised from their own cash flow. In terms of fruit delivered this week, CPBL will have again defer the payments until further funds become available to them. Farmers are being encouraged by the CGA to continue taking in samples for testing, get their license and schedule to be able to deliver fruits to the factory. vlcsnap-2016-03-11-12h07m48s075

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