News Date: March 30 2018
The private sector arm of the Inter-American Development Bank, IDB Invest, signed a $45 million USD loan that will help fund agricultural projects in Latin America and the Caribbean.
The loan was signed with the Latin American Agribusiness Development Corporation (LAAD) and is planned to finance small and mid-sized agribusiness ventures in Colombia, Chile, Costa Rica, the Dominican Republic, Guatemala, Nicaragua, and Peru.
LAAD’s loans are typically directed toward projects aiming to develop permanent crops or agricultural equipment that are sustainable and socially beneficial to the area in terms of generating employment and food production.
“The operation allows IDB Invest to positively impact a large number of micro, small, and medium enterprises, given LAAD’s knowledge of the agribusiness sector in the region,” stated the Inter-American Development Bank (IDB) in a statement.
The institution believes that the financing will help LAAD expand its loan portfolio. “The objective for LAAD is to continue financing projects that, with a focus on sustainability, involve all stages of production, storage, technology and commercialization,” stated IDB.