$140 Million in Credit for Salvadorian Coffee-Growers

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

Friday, February 13, 2009

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."

"The banks," said Mario Acosta Oertel, "announced that the funds would be available starting this week and that coffee clients can begin to submit their proposals."

More on this topic

Nicaragua: Funding for Coffee Growers

January 2016

The Ministry of Finance announced that $20 million will be made available for lending to the sector, with priority being given in the first stage to producers with planted areas measuring between 3 and 20 fields.

The National Commission for Transformation and Development of Coffee Plantations (Conatradec) announced that funding will be for up to 7 or 8 years, with a three year grace period, at an interest rate which will be discussed next week, along with the financing plan for coffee growers.

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.

$50 Million For Salvadoran Coffee Industry

February 2010

The funds by BMI (Multilateral Investment Bank), are intended to reactivate coffee production.

A special credit line was created for coffee growers, producers, packers and exporters, as well as coffee societies and associations.

From Elsalvador.com: “$50 million will be available in credits across the entire financial system, at 9% interest rate, and maturing on September 2011”.

El Salvador: Coffee Growers Suggest Payment Options

August 2009

4 proposals will be presented to the Legislative Assembly, looking to solve the coffee grower's debt problem.

Mario Acosta Oertel, president of the Salvadoran Foundation for Coffee Research (PROCAFE), considers the proposals to be "viable, reasonable and sensible".

More comments by Acosta were reproduced in newspaper La Prensa Gráfica: " ...this proposals seek a consented agreement on the grower's debt, which now stands at $300 million...".

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