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The Ministry of Agriculture says that the state-owned Farmers Support Company (FSC) stands to benefit significantly from a project agreement between the Governments of Venezuela and St Vincent and the Grenadines (SVG) signed on Tuesday.

The agreement is valued US$4.5 million, with funding from the Hugo Chavez Frias Petrocaribe Action Plan for the Eradication of Poverty and Hunger.

Minister of Agriculture, Fisheries, Forestry and Rural Transformation, Saboto Caesar said that the Government of SVG continues to do work as it pertains to having projects and programmes to assist in the reduction of poverty and the eradication of hunger.

“I am very happy that today we are going to sign this project for expanding the Farmers Support Company’s capacity to finance strategic investments in agriculture in St Vincent and the Grenadines.

“I know that this is going to benefit our farmers significantly and benefit our cooperatives, because we have done great work as a nation in addressing the issue of food security and it correlates with the positive impact that we have seen in our ability, as a very small nation, to reduce hunger and under nourishment,” Caesar said.

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Component Coordinator for the Venezuela Food and Agriculture Organization (FAO), Circo Marcan, commended both governments for undertaking the initiative.

“This is a very fine example of the South-South cooperation. I think that the Farmers Support Company will open the avenues for a new style of cooperation in the country and for sure, this revolving fund will help the food security in St Vincent and the Grenadines and beyond,” Marcan said.

5 replies on “Farmers Support Company gets US$4.5 million loan from Venezuela”

  1. The farmers will never be able to pay back this loan, just as they cannot pay back previous loans which are already in default.

    This is little more than a Venezuelan PR job.

  2. The Venezuelan economy is in complete free fall. Inflation in 2015 was up 275%. The IMF estimates that figure will more than double in 2016. Oil is trading at 36 USD per barrel as we speak which mean OPEC countries are grasping at straws to keep their economies afloat. The need oil at 70/75 USD per barrel. 96% of Venezuela’s revenue is from oil. There are lines for the basic staples all over Venezuela. Supermarkets are empty. Nurses picket for the basics, medicine and supplies to do their jobs. A gallon of milk is a week’s salary at minimum wage. The are a county that cannot pay their debts. How are they able to grant loan’s like this to SVG? I do realize that 4 million USD is means nothing to helping the Venezuelan economy but the optics certainly isn’t good.

  3. Uncle Spoon says:

    Isn’t this d same Economy that’s in a state of stagflation of recently?…..ummmm….ok

  4. To all the opponents and especially to Peter, here is a special song coming from Venezuela just for y’all.
    “Keep smiling, keep shining / Knowing you can always count on me, for sure / That’s what friends are for / For good times and bad times”…

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