The Agricultural Development Bank (BFA) will provide $35 million in loans this year for growing grains, and always with interest rates between 4 and 8%, the newspaper El Mundo reported in its online edition.
The offer exceeds the $5 million in funds that the entity decided to use last year to finance the production of maize, beans, rice and millet. This decision is in line with Mauricio Funes’ government policy which intends to decrease El Salvador's dependence on large imports of these products and increase its own production.
"In 2011, the BFA awarded more than 26,000 loans with a payment of $30.7 million to fund the cultivation of basic grains. In the span of two years, the institution increased funding for the agricultural area by $18.9 million (including the amounts for 2012), since in 2010 it had only allocated $16.1 million", reported Mundo.com.sv.
Source: elmundo.com.sv
More on this topic
September 2009
Faced with a reduction in crops, the Agriculture Ministry is negotiating a loan with BCIE.
$40 million would be used for planting basic grains and the remaining $10 would be used in financial support for growers.
"With the same purpose, the Institute of Science and Agriculture Technology (ICTA), will launch an improved corn seed, its main feature being that it contains 90% of the nutrients of cow milk", reports Sigloxxi.com.
November 2011
$2.5 million has been designated for a seed research station, located in Salama, Baja Verapaz.
In order to continue advancing the process of upgrading the seeds in its plant in Guatemala, Monsanto Vegetales has invested $2.5 million in a "molecular markers" unit, which will be used to improve the seed’s resistance to the weather.
September 2011
The use of genetically modified (GM) seeds has led to increased yields.
Martin Zuniga, director for CropLife Central America noted that Honduras is the only country in the region which has these commercial plantations. In the case of Costa Rica it produces products for export only, not for the domestic market.
April 2011
State banks are offering reduced interests rates to increase agricultural loans and assist in the recovery of the sector.
BFA, the Agricultural Support Bank, is providing $12 million in loans at an interest rate of 4%, in addition to $25 million provided by the Multi-Sector Investment Bank.
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