Salvadoran Plantation Owners Divided over Extension to Ficafé Quotas

The extension granted by the bank to 2023, 2024 and 2025 for the payment of the Ficafé quotas has divided the coffee sector.

Monday, July 26, 2010

El Salvador's program for the rescue and reactivation of its coffee plantations, launched last May, seeks to defer repayment of the capital of the Ficafé quotas issued in 2010, 2011 and 2012 until 2023, 2024 and 2025 respectively. Ficafé is a refinancing trust for growers.

"The president of the country's association of coffee growing cooperatives (Ucafes), Ernesto Lima Mena, says that members of his group do not expect to benefit because it lengthens the term and they will end up paying more interest in the additional three years," reports Elsalvador.com.

More on this topic

$71 Million for Guatemalan Coffee Growers

June 2010

A number of coffee associations have reacted to the sector’s losses by requesting the activation of a $71 million Coffee Trust.

The National Coffee Association (Anacafé) agrees with the Federation of Coffee Cooperatives (Fedecocagua) that this is the optimal time for the government to activate this trust, after the eruption of Pacaya Volcano and Agatha tropical storm damaged plantations.

Salvadoran Coffee Industry Lacks Credit

May 2010

Growers explained that banks are not using the special credit line created specifically for them by the Government, which is channeled through the Multi-sector Investment Bank (BMI).

Coffee growers explained that they are unable to start sowing for this season because they lack credit.

Embargoes to Salvadoran Farmers Suspended

September 2009

The Legislative Assembly passed a series of measures favoring the agriculture sector.

One of the them obliges state banks to suspend property embargoes for a 9 month period, while recommending private banks to act in the same way.

"Another initiative asks the Government to continue providing 30% of Ficafé's annual quota. Ficafé is a refinancing trust for growers, whose quota expires on September 23", reported Elsalvador.com.

$140 Million in Credit for Salvadorian Coffee-Growers

February 2009

Bank will inject $40 million in BMI funds in addition to some $100 million for provisional credits.

Laprensagrafica com publishes: "This news was received by three coffee-grower unions that met with members of the Salvadorian Banking Association (ABANSA) at the beginning of this week."

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