Economy June 12, 2023 | 4:56 pm

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Rice, the product most in demand and financed by Bagrícola

Santo Domingo.- Rice continues to be the most demanded product by the local population in the Dominican Republic and is the leader in the credit portfolio of the Dominican Agricultural Bank (Bagrícola). In the period from January to March 2023, Bagrícola formalized a total of RD$1.7 billion in loans for rice production and commercialization, benefiting 1,756 beneficiaries.

Statistics from Bagrícola reveal that rice represents 33.1% of the credit formalized to the agricultural sector, which amounted to RD$5 billion during the same period. Following rice, other significant agricultural products in terms of financing were cocoa with RD$659.4 million, plantain with RD$158.2 million, avocado with RD$200.3 million, and coffee with RD$69.4 million.

In order to support farmers and livestock producers in their production and marketing activities, Bagrícola formalized agricultural loans amounting to RD$7.5 billion in the first quarter of 2023. Of this total, 33.1% was allocated to agricultural items, 11.4% to the bovine and porcine subsector, 4.2% to the poultry sector, and 16.09% to the livestock sector, which includes aquaculture and beekeeping.

The remaining 14.4% of the financial aid was utilized for other purposes. Bagrícola also provided credits of RD$157.3 million for consumer loans (2.09%) and RD$927.6 million for microenterprises and others (12.3%). In total, around 7,121 producers from various sectors benefitted from these loans.

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