Posted: Friday, April 30, 2021. 4:28 pm CST.
By Rubén Morales Iglesias: DFC says that it has invested $23 million in agriculture out of a total of $117 million it’s invested so far in 2021. $76 million are to the productive sector, which includes agriculture, $25 million for homes, and $16 million for education.
Assad Magaña, Assistant General Manager for Lending Operations at the Development Finance Corporation (DFC) says the majority of agricultural loans DFC makes are for traditional commodities and that DFC would like to fund more non-traditional commodities.
Magaña who was speaking at the Ministry of Agriculture, Fооd Ѕесurіtу, аnd Еntеrрrіѕе’s virtual Annual General Meeting on Friday said that of the $23 million in DFC loans, $4.6 million is for beef cattle, $3.56 million for sugar, $2.68 for Bananas, and $2 million for corn.
DFC has also financed loans for land clearing, machinery, beans, citrus, vegetables, and rice.
“These are all traditional commodities. While this is good, I believe we should be able to do more. So, we hope that collaborating closely with the Ministry of Agriculture we’ll be able to find opportunities where we can also fund more non-traditional commodities,” Magaña said.
At a lower scale, DFC is also providing funding for pig production, dairy cattle, sorghum, cacao, onions, and others.
“While we are investing in these commodities, it’s to a lesser extent.”
Magana said that DFC is interested in funding agro-processing ventures and other non-traditional commodities.
“As you can note it is a gap within our current portfolio, so there is an opportunity for funding in that regard,” he said.
Magaña said that it’s projected that DFC will provide $6.8 million more, at the minimum, to the agricultural sector this year.
“When we look at how we intend to invest close to $7 million, we’re looking at beef cattle production, corn, machinery, and sugar being the main commodities we are projecting to fund, again these being traditional commodities.”
Magaña went on to explain how farmers and people in the agricultural field can access the DFC loans.
Magaña said the DFC loans are for capital investment, rehabilitation and replanting, working capital, revolving credit, refinancing, energy efficiency/renewable energy, and character-based loans.
He also said that preferential loans are being given to all women and to men 18-29 years old.
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