The UN International Fund for Agricultural Development(IFAD)announced Wednesday a new project which provides a $14.98 million loan to modernize El Salvadorâ€™s agriculture.
The target group includes inhabitants of poor communities, landless farmers and agricultural laborers, rural women and youth, and owners of small businesses and micro-entrepreneurs in central regions of El Salvador.
The project aims to â€œtransform subsitence agricultureal and off-farm activities into profitable, rural businesses and micro-enterprises,â€ the U.N. says.
There are about 33,000 people that will directly benefit. They will have access to financial services and specialized technical and business assistance to help them access local and external markets, the U.N. says.
The IFAD has founded eight rural development projects in El Salvador for more than $108 million.
The latest loan agreement was signed yesterday at IFAD headquarters in Rome by the Ambassador of El Salvador Jose Roberto Andino Salazar and IFAD President Kanayo Nwanze.