Investment groups interested in buying shares of Banco Produzcamos have until June 30 to submit their bids.
As announced by the Nicaraguan government in April , about 60% of the shares of the state bank Produzcamos will be sold to private entities, who will have time to present their proposals for purchase up until June 30, according to the notice published in the La Gaceta, Official Journal No. 103 of June 4, 2015.
The government authorized the issuance of shares of this bank to incorporate private partners into the entity and turn it into a joint venture.
It is projected that the private sector will be able to acquire up to 60% of the shares and the state would get the rest. Until February 2015 the credit portfolio of state bank amounted to $1.195 billion, according to data from the Superintendency of Banks and Other Financial Institutions (Siboif).
200.000 small and medium growers require funding to sow 400.000 squares with basic grains.
Development bank Produzcamos has only $50 million, which by law it must distribute among the different sectors of the country.
UNAG, the National Union of Farmers and Breeders, reported that private banks are not granting loans, even though they have enough liquidity. In the words of its president: “they don’t like to loan to the agricultural sector, just to hand-picked clients”.
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