CEO of the National Commission for the Development of Life without Drugs (Devida), Alberto Otárola announced the granting of credits to ex-coca farmers sanctioned by the Agricultural Bank (Agrobanco).
An estimated 400 ex-coca farmers are expected to benefit from these credits that will help them switch to alternative crops.
“These families received their property titles, then Agrobanco gives them a preferential rate on a direct loan for the development of their crops. The subject is already pending,” Otárola stated.
According to Andina, Devida gave 13,000 property titles to ex-coca farmers in 2014, assigning them more formality in the process.
The farmers that will be part of the program reside in one of the most heavily coca-farmed regions, the Monzon Valley in the Huanuco region.
Otárola added that for those without land titles, Agrobanco will be willing to offer financial loans as well. According to the CEO, it was Devida that made this possible, unlike any other investment or bank world-wide.