Fernando Durán, administrator of the Agricultural Bank (Bagrícola), highlighted the Dominican Republic's focus on new export-oriented crops, including blueberries, raspberries, and chestnuts. These crops are positioned to offer fresh opportunities for local farmers.
The country currently imports around $30 million worth of table grapes annually. However, there is a growing initiative to reduce this dependence by expanding domestic cultivation. The government has supported this shift by providing agricultural producers with loans totaling approximately 370 million US dollars.
This support also extends to natural disaster relief. Bagrícola facilitated financial aid to farmers impacted by extreme weather events, including about $99 million distributed following Hurricane Fiona in 2022, and additional funding after the San José de Ocoa flood in 2023.
Durán emphasized the country's vulnerability to climate risks and cyclones, underlining the need for strong mitigation and adaptation strategies.
Bagrícola continues to play a central role in financing key agricultural staples such as rice, beans, plantains, cassava, and potatoes, in addition to a wide variety of fruits, vegetables, and livestock. Addressing concerns around agricultural insurance, Durán pointed out that the national insurance provider, Agrodosa, pays out more in claims than it collects in premiums, highlighting the financial strain on the system.
Source: Dominican Today
