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Ecuador presents plan for banana industry to counter effects from war in Ukraine

Ecuador is the world’s leading exporter of bananas, whose sales generate around US$3.5 billion each year and directly employ 250,000 Ecuadorians. Now, the Ecuadorian Ministry of Agriculture and Livestock and the state BanEcuador have presented a proposal “to relieve financial pressure” faced by banana producers due to the war in Ukraine, which has affected the trade of this fruit. It is a plan for refinancing and restructuring the debts of small banana producers.

Through refinancing, producers will be able to review the conditions of their credit and seek a new agreement, while with the restructuring they will be able to modify the current structure of his loan.

From last January to May 14, BanEcuador has refinanced and restructured debt obligations for US$4,050,135, of which 63% (US$2,551,585) corresponds to the agricultural sector. The Ministry of Agriculture and BanEcuador are working so that the country’s small agricultural and livestock producers can also benefit from new credits and longer payment terms, the letter states.

Source: 247newsagency.com


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