Deputy Minister of Agriculture, Livestock, and Irrigation Namal Karunaratne announced in Parliament yesterday (23) that the Agricultural and Agrarian Insurance Board has launched an insurance scheme for banana cultivation, providing up to Rs. 300,000 in compensation per acre for crop damage.
The Deputy Minister explained that the insured amount per acre varies based on the banana variety cultivated. To qualify for the coverage, farmers are required to pay a premium equivalent to 7% of the total insured sum.
He made these remarks responding to a query raised in Parliament by MP B. Ariyawansa.
Furthering his comments, Deputy Minister Namal Karunaratne noted that according to Department of Census and Statistics data, 38,206 hectares were brought under banana cultivation in 2025.
He added that plans are underway to establish a Banana Export Village to safeguard the crop, alongside initiating a value-addition process utilizing banana stems.
