CRESAP Advances with $16 Million Agreement to Boost Climate-Resilient Farming

CRESAP Advances with $16 Million Agreement to Boost Climate-Resilient Farming

The Climate Resilient and Sustainable Agriculture Project (CRESAP) made significant progress yesterday when an agreement was signed between Development Finance Corporation (DFC) and La Inmaculada Credit Union (LICU).  The agreement will now see the implementation of CRESAP which will allow financial access for small, medium, and large producers.  Through this project there will be a Matching Grant Facility (MFG) with ten million US dollars earmarked for small producers and six million US dollars for those on the medium to large scales. Essentially, these monies will only be available to farmers who are looking to transition to smart farming technologies that would assist them in mitigating climate change challenges and promote innovation in agriculture.  Agriculture Minister, Jose Abelardo Mai, explained that this project will propel the industry to another level.

Roberto Harrison, Project Coordinator for CRESAP, explained that farmers can get more than sixty percent financing for climate-smart agriculture projects. Henry Anderson, CEO of the DFC, says that the corporation has sixty years’ experience in supporting the agriculture sector. Anderson says the only difference the new project has from its usual work is the grant component. 

The signing ceremony was between the Development Finance Corporation (DFC) and La Inmaculada Credit Union (LICU).  The CRESAP initiative is funded via the government with a loan from the International Bank for Reconstruction and Development (IBRD).

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