EU allocates $5.9 million to support Dominican banana sector

In order to stimulate banana sector of the Dominican Republic, the European Union allocated 322 million Dominican Pesos ($5.906.464.36) within the framework of the “Banana Support Measures for the Dominican Republic” (BAM) program. The funds will be executed by the Agricultural Bank and the Ministries of Economy, Planning and Development and Agriculture.

The financial aid will be directed to 200 producers to contribute to the competitiveness of the banana value chain, and will allow access to individual and associative credits to micro, small, and medium banana farmers in the provinces of Azua, Montecristi and Valverde.

The operational management of this credit facility will have an initial period of 5 years. The funds will be destined for the execution of activities to increase production (inputs, reconversion, technologies, working capital), marketing, exports, export certifications, and environmental sustainability of production of the fruit.

source: dominicantoday.com