Red chilli farmer subsidy ceremony held at PMEX

KARACHI: Pakistan Mercantile Exchange (PMEX), the country’s only multi-commodity exchange, organised a ceremony at its head office on Tuesday, to mark the handing over of subsidy by Sindh Enterprise Development Fund (SEDF).

SEDF/Sindh Board of Investment Chairperson Naheed Memon handed over a subsidy cheque for the red chilli farmers to PMEX Managing Director Ejaz Ali Shah. SEDF decided to provide subsidy to farmers on the trading fee and interest rate (on financing against their produce), which would not only encourage the farmers to trade at the PMEX, but also reduce the transaction cost for the farmers significantly, thereby passing the benefits to the grass root level.  Shah said, “I am grateful to SEDF for reposing confidence in the red chilli trading platform of PMEX and consenting to provide subsidy to red chilli growers. PMEX is striving to link the exchange with the real economy by bringing agricultural commodities trade on its platform. Our red chilli project in association with value chain participants such as Agility,PAC and SGS has set a good example of a successful collaborative model, which will be replicated for other commodities in the future.”