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Gov’t agro production project nets $36.3M

Gov’t agro production project nets $36.3M

The Ministry of Economy and Finance secured a $36.3 million concessionary loan from the UN’s International Fund for Agricultural Development (IFAD) program aimed at accelerating the production of small-scale agricultural products including rice, vegetables, potatoes, silk and livestock, according to a ministry release yesterday.

Besides the fund from IFAD, the ministry noted that it will contribute an additional $8.68 million from government coffers and raise $16.7 million from private sector partners for the program. The announcement did not detail the loan’s repayment terms or interest rate but noted that IFAD would disperse the fund until 2022.

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