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.
The Agricultural Development Bank has allocated funds to finance the planting of rice this year around the country.
The General Manager of the bank, Rigoberto Amaya, pointed out that it has processed about $3 billion in loans.
The original presentation deadline of March 30 has been extended and the manager "has asked rice producers to submit their requests as soon as possible in compliance with all requirements under the BDA in order to avoid delays in disbursement of checks, as has happened with other products, such as onions. ", noted an article in Prensa.com.
The Agricultural Development Bank (BDA) is making procedures more flexible in order to expedite loans to the agricultural sector.
The financial institution will lend up to $10 billion with an interest rate of 2% in regional fairs, and will expedite the necessary paperwork to formalize the credit.
An article by Aet Elisa Tejera in Prensa.com notes: "Loans under $25,000 are now approved regionally, which will reduce delivery times for funding.
Data Pro Inc was the only company which complied with the requirements for supplying a Core Banking System to state-owned banks.
The contract comprises installing a Core Banking system at three state banks: “Banco de Desarrollo Hipotecario”, “Banco Nacional de Panamá”, and “Banco Hipotecario Nacional”.
Cobiscorp Panama was the only other company to participate in the process, but was disqualified for failing to comply with some of the compulsory requirements.
Three banks, Nacional, “Desarrollo Agropecuario” and “Hipotecario” invited bids for $21 million in IT infrastructure.
21 companies participated in the first informational meeting. They must submit their Bids before April 29.
“Both domestic and foreign suppliers may bid. They are required to have experience in installing, applying and operating this kind of technology”, reported Prensa.com.
Bids were invited to provide a Core Banking system for various state-owned banks.
The contract comprises licenses, installation, adaptation, migration and implementation of a banking management system, integration with other systems and reports.
It will be used by “Banco Nacional de Panama”, “Banco de Desarrollo Agropecuario” and “Banco Hipotecario Nacional”.
The announcement was made by Housing minister Carlos Duboy, who expects the contract to be made official on the next days.
The project should be built in two years.
“Each apartment could cost between $20.000 and $25.000. Additionally, ‘Banco Hipotecario Nacional’ (National Mortgage Bank), would provide easy loans for families”, reported Prensa.com.
The Agricultural Development Bank (BDA) will open 4 new loan portfolios in January 2010.
BDA will loan from $10.000 to $20.000, with a 2% interest rate, for buying seeds, irrigation equipment, turbines and building small dams.
Rigoberto Amaya, BDA manager, explained that "in light of adverse weather conditions, we have looked for a way to help small and medium farmers, specially for those who lack economic resources to face these situations", reported Prensa.com.
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