Banco Agrícola Consolidates Loan Portfolio over RD$52,000 Million and Boosts Agricultural Production

The administrator of Banco Agrícola, Fernando Durán, informed yesterday that this year the entity has managed to consolidate a loan portfolio that exceeds RD$52,000 million.

The official specified that they have had high levels of recovery of the money lent and last year they achieved RD$23,000 million for this concept and the arrears have dropped significantly.

Likewise, he revealed that from August 2020 to date, the bank has placed 75,813 loans for an amount greater than RD$89 million, “resources that have contributed to boosting production in the field and avoiding market shortages.”

Durán, during a mass officiated for the 78th anniversary of Bagrícola, in the Cathedral of Santo Domingo, also highlighted that in these months of management they have received RD7,500 million, in his estimate, higher than what they had managed to cover the four periods of previous governments.

“Our zero-rate credit program has restored confidence to farmers and the security that their economic growth is guaranteed in the countryside.”

FERNANDO DURANBagrícola General Manager

“The Banco Agrícola has become the main support for agricultural production and a guarantee for the country’s food security,” he declared, noting that in this regard they are close to RD$8,000 million.

At 78 years old

According to the administrator, Banco Agrícola reaches its 78 years “in the midst of an advanced process of physical and technological transformation that will bring it up to date with the latest advances in the national banking system.”

In addition, he indicated that the institution consolidates its validation as the main support of agriculture.

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He reported that in this process the institution has invested more than RD$300 million in the purchase of server software, technological tools and the hiring of “highly trained” personnel.

As a result of this, these would be the first steps to, by raising the computer skills of the staff, who are trying to “catch up with the new times”, enter a new functional era through the capture, digitization and processing in online loan applications.

“The progress has been so extraordinary that upon our arrival at the institution, the financing took 90, 120 and even 200 days. Now, through our ‘Crédito a Tiempo’ program, a large loan lasts one day, five days or a maximum of 21 days,” he specified.

Duran explained that, through this program, the technicians go to the field and fill out the farmer’s documents with a smart cell phone or a system and transport it digitally to other estates that have to approve the loan.

The next launch is that of its internet banking platform, which will allow its clients to make interbank electronic transactions.

2023-06-02 04:08:45
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