Bangaladesh's frozen food indutry loses US$36mn in cyclone

Bangladesh's frozen food industry loses $36 mn in cyclone
By IANS Friday November 23, 01:01 PM Dhaka, Nov 23 (Xinhua) Bangladesh's frozen food industry, the second largest foreign exchange earner, may suffer an estimated loss of about $35.7 million due to
Cyclone Sidr, The Daily Star reported Friday.
'As per our assessment, we will incur a loss of 2.5 billion takas,' Kazi Belayet Hossain, president of Bangladesh Frozen Food Exporters' Association (BFFEA) was
quoted by the newspaper as saying.
Shrimp farms in the three southern districts -- Bagerhat, Satkhira and Khulna -- that were severely ravaged by Sidr are likely to suffer 70 percent damage. The loss is
estimated to be worth about $25 million.
Maqsudur Rahman, vice-president of BFFEA, said almost all the shrimp enclosures, hatcheries and processing plants in Bagerhat, Satkhira and Khulna, where 70
percent of the shrimp is produced, have been damaged by the tidal surge that accompanied Sidr.
Shrimp farmers usually work with loans and are committed to sell their product to exporters. But as the cyclone washed away most of the shrimp enclosures and
hatcheries, there is nothing to sell.
'We need interest-free bank loans so that we can provide more loans to the farmers,' Belayet said, adding that the government should also offer direct support to the
farmers immediately.
The country's second largest cash cow, frozen food industry, earned $515 million from exports during the last fiscal year (July 2006-June 2007).
Cyclone Sidr, one of the fiercest in recent years, slammed the country's southern and southwestern coastal areas on the night of Nov 15, leaving thousands killed and
millions affected.