A bill intends to extend the system of preferential interest rates on bank loans for productive activities in the agricultural sector.
From a statement issued by the Assembly of Panama:
The Agricultural Affairs Committee has been exchanging views with officials in the primary and banking sectors on a bill that establishes discounts in the interest rate of loans to local producers in the order of $500,000.
The slow pace at which the Agricultural Development Bank operates forces producers to get finance from private institutions, paying higher rates.
Although the Agricultural Development Bank (ADB) has pledged to cut the time it takes for a loan approval, from one and a half years to two months, it has not kept its promise. In 2013, the approval of agricultural loans declined by 22% compared to the previous year.
The Agricultural Development Bank has obtained a $58.2 million loan which will be dedicated to domestic producers for the fiscal year 2014.
Prensa.com reports: "The figure is higher by $3.4 million, compared to 2013, it comes from the budget of $89.4 million which was presented to the National Assembly by Rigoberto Amaya, manager of the Agricultural Development Bank (BDA)".
The Mayor of Panama has announced two new concession projects for underground parking spaces in Panama City.
The institution announced that underground parking will be built at the site of the Street Vendors and Crafts Market on plaza 5 de Mayo, an initiative that already has the approval of the Municipal Council of Panama. Recently this local government approved an agreement to authorize it, signing a concession contract for the development of the parking lots.
Besides buying red beans, black beans and rice, agreements have been made for the regulation of imports, seeking funding for the sector, and production insurance payments.
The agreement reached between producers and the Government of the country, states that the Institute of Agricultural Marketing (IMA by its initials in Spanish), will buy 50 thousand quintals of red beans at $65 per quintal, and 38,000 quintals of black beans at $45 per quintal.
The country's agricultural sector is working on a plan to set up, in the province of Herrera, the first Panamanian Institute of dairy farming.
"In an area of 250 hectares inside the National Agricultural Institute (INA), the new center will operate and be run by the Central American Institute of Business Administration (INCAE by its initials in Spansih)", reported Prensa.com.
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