The government has announced a credit line of $7.4 million for the production of sheep, at an interest rate of 7.25%.
The Ministry of Economic Development (SDE) reported that a credit line of L167 million ($7.4 million) is now available for sheep production. The announcement was confirmed by Arnaldo Castillo, head of the institution, reported Laprensa.hn.
Laprensa.hn reports: "The information was confirmed by the executive vice president and general manager of the Covelo Foundation, Juan José Lagos, who explained that the decision was based on resolution 77-04-2013 taken by the board of the National Bank for Production and Housing (Banhprovi) last April. "
The real estate industry complains that lack of credit and interest rates that increased from 10% to 21% are preventing housing construction in the country.
According to Andres Salinas, an executive in the real estate sector, when the Honduran Bank for Production and Housing (Banhprovi), gave out loans at rates of 10%, the fees paid by buyers were smaller, but now "there are no funds and banks are granting some at 18.5% and others at up to 21%, there is no capacity," he said.
The sustained growth of oil palm crops has caused demand for more industrialization plants, that will be financed with a loan of $100 million from the Malaysian government.
According to Hector Castro, president of the National Federation of Honduran Palm Producers (Fenapalma) a meeting was recently held with representatives of the Government and executives from Banco Hondureño para la Producción y Vivienda (Banhprovi), in order to promote and encourage the development of this industry.
To support the economic sector of Honduras, Ficohsa Bank is opening new financing options with funds from Banhprovi.
The funds from the Honduran Bank for Production and Housing (Banhprovi) that are available through lines of credit at Ficohsa Bank are designated for urbanization and housing construction projects as well as for the construction of commercial real estate for farming or industrial distribution centers, among others.
People owning a home can now opt to finance a second home.
Stimulation of the construction industry is sought by making the requirements for accessing the funds of the Banhprovi trust more flexible.
Reynaldo Yanes wrote in Laprensahn.com: "Of the 10 billion Lempiras ($529 million) which the Banhprovi trust has, up to 4 billion ($212 million) will be invested to stimulate the construction industry in both the public and private sectors by way of a rediscount through the banking system."
Of the $212 million total in the Central Bank trust, $23 million have already been handed over between January and February.
Journalist Reynaldo Yanes explained in Laprensahn.com: "Of the $530 million which make up the trust, $212 million belongs to housing sector, urbanization, shopping center and hydroelectric generation projects as reported by the president of Honduran Private Enterprise (COHEP), Alejandro Alvarez. Thanks to this stimulus, the construction industry would be able to recover all of the 25 thousand jobs it has lost since last year when long-term credit lines began to close; a situation that was influenced by the development of the international financial crisis."
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