BNF to refinance US$6mn in farm loans on drought losses

- Wednesday, April 6, 2011

BNF to refinance US$6mn in farm loans on drought losses

Ecuadorian development bank Banco Nacional de Fomento (BNF) said that due to drought-related losses, it would offer refinancing options to farmers owing more than US$6mn.

A lack of rain has affected more than 2,400 of the bank's agricultural debtors. In addition to refinancing options, bank officials said they would make new lines of credit available to the affected farmers.

The vast majority of the affected debtors are corn farmers, according to a report in local daily La Hora.

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