Dominican Republic seizes new opportunities in export crops

Santo Domingo.- Fernando Durán, administrator of the Agricultural Bank (Bagrícola), highlighted the Dominican Republic’s promising prospects with new export crops like blueberries, raspberries, and chestnuts, which offer profitable opportunities for farmers. He noted that Bagrícola provides financing for these and other crops such as avocado, mango, pitahaya, and strawberries.

Durán emphasized that the country currently imports US$30 million worth of table grapes annually but aims to reduce this through domestic production. Speaking at a luncheon celebrating Bagrícola’s 80th anniversary, he showcased the bank’s achievements over the past five years and praised President Luis Abinader’s support, including 22 billion pesos in loans to agricultural producers.

Durán pointed out that the government promptly aids farmers affected by natural disasters, citing the 5.9 billion pesos allocated after Hurricane Fiona in 2022 and assistance following flooding in San José de Ocoa in 2023. He also warned about the Dominican Republic’s vulnerability to climate change and cyclones.

Bagrícola plays a vital role in financing key agricultural products such as rice, beans, plantains, cassava, potatoes, various fruits, vegetables, and livestock. Durán also mentioned challenges in agricultural insurance, noting that Agrodosa often pays more in claims than it collects in premiums, posing a financial concern for the sector.