The Fund for the Financing of the Agricultural Sector, Finagrowhich is part of the Bicentennial Group, presented the balance of financial inclusion for the period August 2022 and June 2024.
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According to the fund, More than 255,000 small products have accessed a development loan under Finagro conditions for the first time. He also highlighted the disbursement of loans for more than $56.3 billion.
“The agricultural sector has a differential system for financing itself due to market failures related to the low profit margin of farmers, informality, biological and climatic risks, among other difficulties that make it difficult for farmers to access credit. The fact that in recent years we have achieved financial inclusion under promotional conditions for more than 255,000 low-income farmers represents a historic advance on the path to democratizing credit and promoting the Popular Economy.“, commented Alexandra Restrepo, president of Finagro.
The balance sheet also detailed that as of June 2024, The Fund managed to consolidate a portfolio balance of $10 billion in small producers, prioritizing the most vulnerable populations, as well as rural youth and women.
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Agro
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“Thanks to the joint work with financial intermediaries, cooperatives and the National Government, in the last two years a total of 664,825 agricultural loans were granted to women for a value exceeding $14.6 billion.“, the report said.
“We believe that it is necessary to empower rural women with credit that includes preferential rates, incentives, guarantees and subsidies. We continue to make progress in closing gaps and in providing greater opportunities for those who have traditionally been excluded from the financial system.“Restrepo added.
Feeding project
In compliance with the National Development Plan ‘Colombia, world power of life’, Finagro has committed to moving towards a country with Zero Hunger, which guarantees food security for Colombians. In the last two years, 509,741 loans were granted to accelerate food production for a value of $15.9 billion. These investments strengthened the agri-food chains, promoting the execution of new projects in the territories.
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