IDB Invest funds LAAD farmers
July 30, 2020
Multilateral lender grants $30 mln for agribusiness SMEs hit by the COVID-19 pandemic
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IDB Invest, part of the Inter-American Development Bank (IDB), has granted a five-year, $30 million loan for Latin American Agribusiness Development (LAAD) to cover costs for small farmers hit by the COVID-19 pandemic.
Based in Florida, LAAD finances small and medium-sized agribusiness companies in Latin America. It disbursed $307 million in new loans in the fiscal year that ended in October 2019, up from $288 million in the previous year.
Coffee projects accounted for 12% of new loan disbursements in the last fiscal year, followed by bananas with 10% and cattle soybeans with 8% apiece, LAAD said in its latest annual report. Farmers in Nicaragua received $40.8 million in new loans, while producers got $39.6 million in Ecuador and $33.1 million in Brazil, it added.
LAAD had $963 million in its agribusiness loan portfolio at the end of the last fiscal year, up 11.6% on the previous year, it said in the report.
LAAD's shareholders and directors include KfW, Bank of America, Dole, Bayer, Gerber, Cargill, Goodyear, John Deere, IFC and Rabobank, according to the report.