Suriname will improve its agricultural sector’s competitiveness and raise rural incomes and exports with a US$17.5 million loan approved by the Inter-American Development Bank (IDB).
The farming industry is Suriname’s second largest export sector after mining, accounting for 7 percent of total export revenues. It employs 16 percent of the labor force and contributes 9 percent of the country’s Gross Domestic Product.
The IDB-funded project will help Suriname’s farmers improve phyto-zoosanitary conditions, food safety, and agricultural research and technology transfer services.
It will also boost up the scientific expertise of the Agriculture, Mining and Fishing Ministry’s personnel and provide training to producers on best agricultural practices to help them raise food safety standards. Additionally, the project will strengthen the country’s network of laboratories with new protocols and diagnosis techniques.
The loan is for a 25-year term, with a 5.5-year grace period and a LIBOR-based interest rate.
About the IDB
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region.