Home / Knowledge / News / Textiles / Peru to boost cotton farming with new credit policy
Peru to boost cotton farming with new credit policy
12
Jan '12
The Directorate General for Agricultural Competitiveness (DGAC) under Peru's Ministry of Agriculture (Minag) has announced funding mechanisms to strengthen the country's production and marketing of cotton.

Minag said the small farmers groups have proved their creditworthiness and hence it has become possible to sanction loans up to 7.80 billion Peruvian soles (US$ 2.897 billion) towards growing pima cotton on 2,000 acres, which will benefit 800 small farmers in the Lower and Middle Piura regions.

Under the scheme, a credit of 12 million Peruvian soles (US$ 4.457 million) has already been sanctioned to the Piura-based Multiple Services Cooperative Chusis-Costache Tallan. The loan would be released by the Agricultural Bank (Agrobanco). The amount would be utilized for growing, processing and marketing of nearly 120 million pounds (54.431 million kg) of raw cotton for export.

The Government's implementation of the funding mechanism is expected to yield more revenue to farmers as they would be able to produce more by utilizing the access to credit facilities.

It will also enable Peruvian cotton growers to market their produce in global markets, which they have been intending to do for the last two decades.

Minag said the sanction of new credit will help cotton growers procure various inputs, better seeds and get technological assistance that would result in higher income and standard of living for them.


Fibre2fashion News Desk - India

Must ReadView All

L-R Manish Singhai, COO, Peter England; Vinai Kumar Saxena, chairman, KVIC; Ashish Dikshit, business head, ABFRL and Anshu Sinha, CEO, KVIC while signing agreement. Courtesy: ABFRL

Textiles | On 24th May 2017

Aditya Birla & KVIC enter into a strategic partnership

Aditya Birla Fashion and Retail Ltd (ABFRL) and Khadi and Village...

Courtesy: Jabong

Apparel/Garments | On 24th May 2017

Jabong Mood Store redefines online shopping in India

Jabong, India's leading online fashion retailer, has launched the...

Textiles | On 24th May 2017

Starlinger unveils FX 8.0 circular loom for fabric making

Starlinger, a leading supplier of machinery for woven plastic...

Interviews View All

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search