Economy June 6, 2016 | 10:21 am

Funds to build modern pig farm mean ‘no more slavery of usury’

Guerra, Dominican Republic.- President Danilo Medina on Sundaysaid his administration will continue tofund projects to benefit small and medium-scale farmers "because we don’twant to continue under the slavery of usury."

During a surprise visit to the village which previously formedpart of a sugarcane plantation, but currently lacks jobs, the head of state announcedmillions of pesos in funding to install a modern pig farm.

"I don’t want you to live under the slavery ofusury," Medina said after villagers told him they borrow at 20% monthlyinterest (240% annually).

Terms

The head of state, accompanied by several senior officials,said the farmers will now get funding to install a Community Pig Farm at aninterest rate of just 5%, through the Agro Fund (FEDA), with two years beforethey start repaying. He warned however that they must pay the loan because “it’snot a gift.”

0 0 votes
Article Rating

0 Comments
Inline Feedbacks
View all comments