August 18, 2011

Hundred-million-dollar fund to aid Guyana's aquaculture investors

Guyana's aquaculture investors will be able to access a US$100-million capital development fund, after the processing of farmers' application project proposals, which is being conducted by the Guyana Bank for Trade and Industry. 

This was revealed by Agriculture Minister, Robert Persaud, who says this project is being funded by the Inter-American Development Bank. The US$100-million funding for aquaculture investors was expected to become available by last month but was delayed by the Inter-American Development.

Minister Persaud assures however that farmers' proposals are being processed and funds are expected to be disbursed by this month end.

"This is an important area in agriculture diversification so a lot of the investors and farmers have finalized their proposals and they're currently being considered by the financial institution that has won the bid to disburse this resource."

This aquaculture capital financing project is part of the Ministry of Agriculture's farmers financial facility, which caters for all classes of farmers and is being administered by IPED.

"All these facilities are in the process of reviewing and looking at the project proposals with the aim of targeting disbursement very soon."

The minister points out that the funding project was formed to help reduce the high cost investors have to face when starting such businesses. He adds that technical support will also be made available to aquaculture farmers during the project. Aquaculture is relatively new to Guyana and as such its economic contributions go toward the fisheries sector, which contributes just over 3.5% to the National GDP.