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Ecuador: Specialized Credits of up to US$500,000 for Agricultural Sectors

22.2.2019

The Minister of Agriculture and Livestock, Xavier Lazo, together with the Chairman of the Board of BanEcuador, Jorge Wated has announced new credit lines for the agricultural sector.

These products are destined in particular for the banana, palm and to the cattle activity. In the first item, financing applies for training, maintenance and purchase of lands with established crops.

Minister Lazo said that the country lacked credit lines "tailored and specialized", so he considered that this opening of financing will be essential to activate the commercialization of these products, both for the local and international markets.

In the specific case of bananas, the authority indicated that it will serve as an integral solution to liquidity problems. "I am sure that with these credits we will increase our exports," he said.

As for the amounts and terms, Wated explained that they will reach, in the case of bananas, up to US$ 500,000, a 10-year term and with 3 years of grace.

From May 9th 2016 to December 31st 2018, BanEcuador delivered more than 175,000 credits for more than US$1.2 billion focused on strengthening agricultural production chains.

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