29 August 2014
Cambodia
Rice Bank (CRB) announced yesterday it was equipped to buy and store up to
100,000 tons of local rice. CRB, which was established in Battambang province
in 2011 but took years to build the necessary infrastructure like silos and
storage sheds, emerged yesterday with $30 million in capital.
Chairman
and Chief Executive Officer of CRB, said the capital will be used to buy up
Cambodia’s paddy rice from October the beginning of new harvest season. “We
hope that this bank will become a big centre in Cambodia to store rice to be
ready for receiving big order from foreign buyers.” He said exporters can loan
or buy rice from the bank’s stockpiles while millers can sell to the mass
storage provider. Executive Director of rice miller and exporter Boost Riche
Cambodia said the CRB was a much-needed piece of infrastructure for the sector
capable of collecting and consolidating paddy stock to serve millers or
exporters.
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