Funding to help revitalize Paraguay’s agricultural sector affected due to Covid-19
The director of the Sarabia Group, Antonio Ivar Sarabia has announced that Agrofértil, a business unit of the group has signed financing agreements with the International Finance Corporation (IFC), a member of the World Bank Group and the Netherlands Development Bank (FMO) to strengthen the mission of re-promoting the agricultural sector and the growth strategy during the Covid-19 pandemic.
The business unit will receive funding of US $ 28 million, of which US $ 10 million will be from the IFC and US $ 18 million from the FMO. The funding will be used to to finance inputs to farmers so that they can develop crops and receive technical assistance throughout the production process and to strengthen the value chain.
Paulo Sergio Sarabia , director of Agrofértil said that the funding will help Agrofértil to maintain its levels of financing and attention to rural producers for the next harvest, even in the difficult times the world economy is going through.
IFC has stated that the loan will inject liquidity into the Paraguayan market to meet the capital needs of thousands of small agricultural producers which will help to ensure the continuity of operations in the agro-industrial sector.
