VND5 trillion to purchase coffee from farmers
The Bank for Agriculture and Rural Development (Agribank) has pledged to provide VND5 trillion ($250 million) in loans for businesses to purchase coffee from farmers for the 2011-2012 crop.
Agribank signed a cooperative agreement with the Vietnam Coffee and Cocoa Association (Vicofa) to boost coffee development and exports.
Nguyen Ngoc Bao, chairman of the Agribank Board of Directors, said the bank will provide loans for businesses to help them invest in new technology to avoid post-harvest losses. It will also offer capital to enterprises involved in the chain of production, purchasing, processing and exporting coffee.
Agribank is currently providing loans to around 400 businesses and 100,000 coffee households and farms across the country with a total annual debt balance of VND13-15 trillion.
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