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Add to Preferred SourcesIDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, has signed a $5 million loan with Agropecuaria El Siglo, S.A. of Guatemala to finance the cultivation of 475 hectares of banana. The objective is to commercialize the production, mainly for export.
IDB Invest financing will allow the company to leverage its operations and develop more growth in less time. It is expected that a minimum 475 rural direct jobs will be generated, which is equivalent to one direct employment for each hectare planted.
Guatemala is the eighth largest producer of bananas worldwide and third in Latin America and the Caribbean with a production of 2.7 million MT in 2015. Banana production in Guatemala represents 2% of the country’s GDP and 16.4% of its agricultural GDP.
About El Siglo
Agropecuaria El Siglo, S.A belongs to the Corporación Metropolitana Business Group, which is family-owned and is comprised of senior management investors. It was established in 1998 and its main activity is the sowing, harvesting, and commercialization of bananas and plantains, mainly for export. It complies with strict international standards that include the care of the environment and social attention. The team is made up of more than 800 people.
Original source: IDB
Published on 13 March 2018