Press briefing of Cabinet Decision taken on 2012-08-15

Modernization of Processing Factories of MILCO (Pvt) Ltd.

- the government has observed the importance of increasing the domestic milk production by facilitating to increase the capacity of the existing milk processing factories located at Digana, Polonnaruwa and Ambewela and to encourage the private sector participation in this regard. MILCO has planned to increase its liquid milk production to 165 million liters from the existing level of 30 million liters. The proposal made by H.E. the President, in his capacity as the Minister of Finance and Planning, to modernize the above factories to meet the increasing demand for domestic milk and to obtain credit facilities for same from Hongkong and Shanghai Banking Corporation Ltd. and for the project to be implemented by MILCO (Pvt) Ltd., under the supervision of the Ministry of Livestock and Rural Community Development, was approved by the Cabinet.