Almost $390-million worth of coffee was lost due to flooding at the Coffee Industry Board’s office on Marcus Garvey Drive last year.
That was the figure quoted by Quality Assurance Manager at Coffee Industry Board, Hervin Willis, at last week’s sitting of Parliament’s Public Administration and Appropriations Committee.
This has resulted in the CIB receiving a $100-million government subvention to continue operations after years existing as a self-financing agency.
The board doesn’t grow or produce coffee but stores and exports the commodity on behalf of other entities.
Mr. Willis also told the PAAC of the amount lost only about $220-million worth of the coffee was properly insured. He says the remainder has been offset by tax credits issued to coffee processors exempting them from required fees.
Mr. Willis says since the incident the Coffee Industry Board has increased its insurance to properly cover its entire stock.