GAF
The potentialities of the Cuban Agricultural Development Bank stand out
The Banca de Fomento Agrícola de Cuba, in force since the 1st. To date, 287 agricultural productive forms have been benefited with the financing of 735 million pesos, authorities of the sector reported today.
These are the first results of one of the most transcendental actions within Cuban agriculture to stimulate food production in the country, highlighted in the Roundtable program the director of the Agricultural Banking of the Credit and Commerce Bank, Manuel Tejeda. He explained that the Agricultural Development Bank has 1.8 billion pesos (75 million dollars) available for use this year in granting loans to agricultural producers. Among its advantages and facilities, he mentioned an interest rate of 1.5 for loans for production and two percent for investment loans, implemented for the first time in the country with very low limits, said the manager. Another prerogative is that the farmer only assumes only 50 percent of the interest rate and 50 percent of the insurance premium, thereby saving financial expenses. It also includes the facility that with this option other bank guarantees are not required as in other credits, in addition to the immediacy with which they are operated since they do not exceed one day for their application, evaluation and approval of granting. Tejeda stressed that these loans are intended to promote the production of rice, banana, cassava, guava, cattle and pigs, beans, potatoes, tomatoes and protected crops. In two months of operation, the Agricultural Development Bank has benefited an important group of productive forms and proven its effectiveness in promoting food production. Along with these facilities, other loans are in force that also favor the development of various crops, cattle and equine livestock with affordable repayment terms and low interest rates, he added. At the end of his intervention, the manager meant that they are policies and measures to stimulate producers, in order to encourage the lines prioritized by Cuban agriculture.
