Government of Nicaragua obtains financing for Agriculture
The ministry, Ariel Bucardo, reported that the Government has obtained more than $100 million to finance agricultural production for the 2009-2010 cycle.
Friday, January 23, 2009
LaPrensa.com.ni reports: "Bucardo acknowledged that with this fund "they cannot meet the demand from the sector: and that is why they hope that this year the National Assembly will expedite the approval of the board of directors of the Produzcamos Bank in order to "seek more resources."
The slow pace at which the Agricultural Development Bank operates forces producers to get finance from private institutions, paying higher rates.
The loan from the IDB will help the company refinance short-term debt, releasing funds to expand facilities and provide credit to small producers
The funds will be used to finance a project for the transformation of agricultural subsistence activities.
The Nicaraguan agricultural sector faces a funding shortfall of $50 million for the current production cycle.
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