Businessmen from the Salvadoran agricultural sector remarked that the measure could cause a 60% drop in production.
The warning came from the international organization CropLife, which is a member of the Agricultural Suppliers Association (APA) of El Salvador. "The FAO has said that without the use of pesticides, you run the risk of losing between 40% and 60% of the harvest, and this not only true in El Salvador, but around the world," said Martin Zuniga, CropLife regional director for Central America and the Caribbean.
Salvadoran agrifood businesses have expressed their concern that the announced investments are part of a political project.
An article in Laprensagrafica.com that "Alba Foods, another productive programs, along with Alba Petróleos- tied to the political strategy of the FMLN, has invested $30 million this year and among the basic grain harvest 2012 and 2013, expects to complete $60 million to expand its geographical presence.
Better prospects for coffee and maize production compared to 2010, are generating a sustained demand for credit in El Salvador for these sectors.
According to information from Banco de Fomento Agropecuario (BFA) from January 2011 until July 13, 201 loans were granted to the coffee sector, totaling $11.03 million, of which 60% was allocated to maintenance .
Over the course of a year prices have doubled in El Salvador, generating friction between farmers and traders.
White maize and red beans are the two types of grain whose prices have increased the most, affecting producers of other products that use grain for raw materials.
While prices keep rising, agricultural industry representatives argue that the increase is only benefiting traders.
The Panamanian Superintendent of Banks has a pending general license application for the opening of a new bank.
The request was submitted by a group funded with Panamanian capital and, as published in La Prensa which had access to view preliminary reports, the new finance company could be able to begin operations at the end of 2009.
This would be the third bank that is funded by Panamanian capital to enter the local banking system in the last year and a half. La Prensa adds in their article: “It is also known that several of the investors are related to the no longer existing Banistmo Group, which was sold two years ago to HSBC."
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