Judith Pena | January 17, 2023
From B/. 50 million to B/. 90 million will increase the trust of the factoring financial program, which is directed to the rice sector of Panama. This was announced by the authorities of the Ministry of Agricultural Development (MIDA) and the National Bank of Panama (BNP).
The increase in the trust will serve to pay grain incentives, including the corn sector, so that it also benefits from this quick payment process, which helps producers continue to regain confidence in this sector, explained the minister. from MIDA, Augusto Valderrama.
The financial initiative was launched in January 2022, with the aim of supporting the country’s rice sector. Factoring is a procedure by which a bank or financial institution purchases accounts receivable, with the purchasing entity assuming the collection risk.
At the moment, 762 files have been closed, in the order of B/. 47,098,458 and a total of 819 files have been received for a total amount of B/. 50,895,917.
Valderrama announced that during this week the entire documentation process on the part of the producers will be digitized, demanding the greatest transparency and honesty within the collection of these processes.
On behalf of the BNP, Carlos A. Morales, reiterated the support of this bank to the agricultural sector, especially the factoring program for the rice sector.
