Business

1D1F: Empire Cement Company licensed to produce cement bags not cement – Kyerematen

The Minister of Trade and Industry, Mr Alan Kyerematen, has said his outfit is instituting measures to enable Empire Cement Company Limited to begin operations under the 1D1F programme to enable the company to create jobs for the unemployed.

Mr Kyerematen informed parliament that the Environmental Protection Agency (EPA) has not permitted Empire Cement Company to manufacture cement on the site next to Panbros Salt but rather to produce cement bags since that activity (cement paper bag manufacturing) is compatible with adjourning land uses.

“In line with the determination by the EPA, the ministry has withheld its approval of granting a 1D1F status to the company, awaiting a resolution of all outstanding issues in respect of the project,” he stated.

The minister indicated that Empire Cement Company Limited, in October 2020, applied to be considered under the 1D1F Initiative, adding that in reviewing the application, a few issues were identified that required consultation with the EPA.

On the question of how much the government, through the Ministry of Trade and Industry, disbursed as interest subsidy payments to finance 1D1F companies and projects, as well as the names of beneficiary companies and the amount disbursed as interest subsidy to each of them, the minister provided the House with the names and amounts of money each company got from the government initiative.

Also, Mr Kyerematen attributed the delay in the payment of interest subsidies to de-risk loans for pharmaceutical companies participating in the 1District-1Factory programme to a delay in the release of funds from the Ministry of Finance.

According to him, another reason for the delay, he noted, is the delayed processing of loan applications of 1DIF companies by Participating Financial Institutions (PFIs).

Mr Kyerematen made these known when he appeared before Parliament on Wednesday, 16 March 2022 to answer questions relating to his Ministry.

He noted that since the inception of the 1D1F programme, the government, through the Ministry of Trade & Industry, has, to a large extent, ensured the timely release of funds as interest subsidies to de-risk loans provided by the Participating Financial Institutions (PFIs) to beneficiary companies including the pharmaceutical companies.

Source: Classfmonline.com

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *