Cuban Banks offer loans to agricultural producers

Cuban banks offer loans to agricultural producers for the execution of investments aimed at promoting crops and buying machinery, El Economista digital reported today.

Financial support can be accessed by state farms, agricultural production cooperatives, basic cooperative production units, credit and service cooperatives, individual farmers, land users, and other economic and agricultural actors.

The credits will be used for the development, renovation or sealing of permanent crops (except forestry), with coverage of all expenses to establish the plantation and cultural care until the first marketable harvest is achieved.

It will also benefit forest plantations for the preparation of the land, purchase of seedlings, planting and other silvicultural care, in addition to the acquisition of machinery, equipment, means and work animals.

According to the information, it will be possible to request loans for the purpose of building dryers, curing houses, fences and other rural constructions, purchases of cattle for breeding stock and milk, and capital repairs of tangible fixed assets.

These credits make up the fund of 1,800 million pesos approved by the Central Bank of Cuba and the Ministry of Finance and Prices, which must be executed in 2021 to cover the needs of working capital and investments in entities that due to their performance have an impact on prioritized productions.

To this end, the coordinating committee for financing the agricultural sector proposed and approved allocating the amounts to rice, banana, cassava and fruit crops, as well as pig and cattle production.