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September Thursday

New funds for agriculture and livestock production in Cuba



HAVANA, Cuba, Aug 25 (ACN) The Central Bank of Cuba and the Ministry of Finance and Prices will offer 1.8 billion pesos in 2021 to meet working capital and investment needs in selected companies whose output can have an impact on prioritized productions.

The amounts for promotion and development will be operated by Banco de Crédito y Comercio (BANDEC) and managed in the event that any of the selected entities is affiliated with Banco Popular de Ahorro (BPA) or Banco Metropolitano, with the same benefits.

The ad hoc Coordination Committee for the financing of the agricultural and livestock sector proposed and approved to allocate the funds to rice, banana, yucca and fruit crops, as well as to swine and cattle production.

The agricultural development operations will start on September 1, so intense works are under way for the selection of the benefited enterprises, which must fulfill the requirements laid down for each activity, including yields per area, application of science and technology, the existence of irrigation systems, having industry, the national balance and agricultural markets as the ultimate recipients of their output. The availability of food and water is essential in the case of livestock.

The credit is granted with 1.5% interest for working capital (the repayment term will match the productive cycle of the crop or activity), and 2% for investments, so the financial savings will benefit them substantially.

In all cases it is vital to select the producers (state, cooperative, usufructuaries) that will be assisted with this credit, who must start using the loan immediately.

Three rice-growing enterprises—responsible for proposing producers who qualify for the loan—, as well as five agricultural and livestock and two citrus farms are included in this project.

Swine and cattle production are managed by the Livestock Group, although efforts are under way to ensure that all producers (state-owned or otherwise) are eligible for financing.

It is expected that part of the liquid capacity generated by the selected entities can be allocated to areas and activities that will benefit from this fund in order to achieve the expected results in the short term.

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