| – Finance MinisterWith the financial strain prevalent among rice farmers in Guyana,Major League Baseball Jerseys, plans are on for the re-establishment of the Guyana Agriculture and Industrial Development Bank (GAIBANK). This facility will provide credit facilities for those involved in Agriculture on a developmental basis.On Monday,NBA Jerseys From China, Finance Minister Winston Jordan said that GAIBANK’s return was indeed on the cards,Yeezy Boost 350 Wholesale, though its composition would be dependent on a study that would take into account the circumstances of GAIBANK’s collapse and other developmental banks within the Caribbean.GAIBANK was first established in 1973 by the Government as a state-owned development bank catering for the Agricultural and Industrial sectors. It helps with grants and loans from the International community.The bank was intended to fulfill the financial needs of farmers that were not being met by the terms provided by the Commercial banks.GAIBANK, Guyana’s only development bank at the time, was rendered defunct by the then Dr. Cheddi Jagan administration in 1995. In a bid to redress financial difficulties and recover its loan portfolio which was lagging behind, GAIBANK was merged with the Guyana National Co-Operative Bank (GNCB).Finance Minister Winston JordanNon-traditional crops are expected to receivea boost with better sources of capitalAccording to Jordan, GAIBANK does not have to take the infrastructural form of a bank,NFL Jerseys From China, but could be a window/division operating from a commercial bank. That bank could be paid via a commission. But, he advised, a study of the GAIBANK proposal will be necessary in order to reach a determination.He also observed that with its establishment, increased diversification of the industry could be achieved.Permanent Secretary of the Ministry of Agriculture, George Jarvis, expressed the necessity of the Bank’s re-establishment, since Development banks give the borrower a moratorium (delayed repayment) for the life of the loan.He also noted that stakeholders have been calling for the establishment of a development bank since the space to repay a commercial bank was limited and farmers were having difficulties meeting those obligations.Jarvis noted that one of the issues holding farmers back is the fact that they don’t have the capital to expand. He provided as an example, a coconut farmer who has to pay back a commercial bank loan.In such a case the farmer will be working just to pay off the remnants of his loan. But if he has a loan from a developmental bank,Air Max Outlet Norge, the Permanent Secretary said,Wholesale Shoes Suppliers Australia, he can diversify into other streams such as coconut oil etc.With the dismal performance of the sugar and the current production challenges afflicting rice farmers, there have been repeated calls for increased diversification of the agriculture sector.Guyana has one of the highest import bills in the Caribbean for non-traditional agriculture products. Cognizant of this fact, Jordan had spoken of several policy changes the Government would employ, such as the increase in exports of non-sugar and non-agricultural products by at least 25 percent over a five-year period.To meet such an increase, it follows that production must also be hiked. During the budget allocations Government had indicated its intention to place greater emphasis on agro-processed food such as shrimp, fruits and vegetables to increase production by at least 50 percent.Minister Jordan had also pointed to some of the crops that will become the face of the diversification initiative in hinterland areas- corn, soybean,Cheap NFL Jerseys, cassava and legumes, in addition to fish and poultry rearing. |
