A Credit by CFN was Opened in Ecuador for the Banana Sector

An emerging line of credit for the banana sector was introduced today by Camilo Saman, chairman of the National Financial Corporation (CFN for its Spanish acronym).

Loans from $ 100 thousand to $ 2 million per transaction (each export) will be given only to Ecuadorian producers.

Saman said the overall amount allocated to this sector is undefined, but may only apply to fruit exporters with more than three years in the activity. In addition, they must have annual sales of at least $ 3 million.

This program comes after banana producers and exporters asked the Government the declaration of emergency in the commercial sector, due to low demand for fruit and falling prices in the international market. Two months ago, farmers without contracts used to receive between $ 1 and $ 2 per banana crate, when the minimum referential price is $ 5.50.

Source: Daily El Comercio