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Quedancor seeks P5-B soft loan from JBIC |
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(13 February 2004, Friday - The Philippine Star)
By Rocel C. Felix The Quedan and Rural Credit Guarantee Corp. (Quedancor) is seeking a P5-billion concessional loan from the Japan Bank for International Cooperation (JBIC). |
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Quedancor president and chief executive officer Nelson Buenaflor said the loan will be used to bankroll the lending activities of the agency.
"We need long-term loans for the agriculture sector, especially from multilateral donors and creditors such as JBIC. This way, we can sustain our lending to farmers and other agricultural enterprises, provide them funding at very low interest rates," Buenaflor said. The loan carries a 30-year term, a 1.5-percent interest per annum and a 10-year grace period. Buenaflor said Quedancor will provide counterpart funds in the form of administrative or operating expenses. He said the proposed loan has been submitted for review this March to the Investment Coordinating Committee of the National Economic and Development Authority (NEDA). "We hope to be able to get approval for the loan before the end of the year so that we could also strengthen our capital base," Buenaflor said. Expected to benefit from the scheme are some 528,000 farmers and fisherfolk. The JBIC loan will also help Quedancor intensify its new financing windows to address production and marketing needs of other sectors in the agri-fisheries and food industries. This is expected to encourage other types of borrowers to avail themselves of Quedancor loans. home | latest news |
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