Ibis Rice Conservation Co Ltd (IBIS Rice) has signed a financing agreement with South Korean-owned Phnom Penh Commercial Bank Plc (PPCBank) to support 1,500 smallholder farmers to grow organic wildlife-friendly jasmine rice, which will help protect endangered species while also earning a premium price for the farmers.
IBIS Rice CEO Nick Spencer said on December 16 that his firm currently works with the 1,500 farmers and pays them a premium of 50 per cent above market price for organic jasmine rice to encourage their use of wildlife-friendly practices. He did not specify how much of that money would go to support the 1,500 smallholder famers living in seven wildlife conservation areas of Stung Treng and Mondulkiri provinces.