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The agricultural sector has been given a $1.2 billion boost through a loan from the Inter-American Development Bank (IDB) to fund the five-year Agricultural Competitiveness Programme.
Finance Minister Audley Shaw signed the loan agreement late last week.
The programme seeks to boost the competitiveness of Jamaica's agricultural sector by increasing the capacity of medium sized farmers to access national and international markets.
It also seeks to improve the country's food management and safety systems and foster the development of agricultural and agro-processing value chains.
The programme is to be executed by the Agriculture Ministry through the support of the Agro-Investment Corporation, as part of efforts to stimulate the sector.
The loan terms include an interest rate of 1.27% over 25 years, with a grace period of 5½ years to start principal repayment.
Interest will be paid half yearly.
Finance Minister Audley Shaw signed the loan agreement late last week.
The programme seeks to boost the competitiveness of Jamaica's agricultural sector by increasing the capacity of medium sized farmers to access national and international markets.
It also seeks to improve the country's food management and safety systems and foster the development of agricultural and agro-processing value chains.
The programme is to be executed by the Agriculture Ministry through the support of the Agro-Investment Corporation, as part of efforts to stimulate the sector.
The loan terms include an interest rate of 1.27% over 25 years, with a grace period of 5½ years to start principal repayment.
Interest will be paid half yearly.
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