BISSAU: the government will finance the cashew marketing campaign with 15 billion CFA francs

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09/04/2020 04:18:07

BISSAU, Friday, May 8, 2020, Finance Minister Aladje Mamadu Fadia announced that the Government of Guinea Bissau will provide 15 billion FCFA (about US $ 25 million) for economic executives to finance. subsidizing the purchase of cashews from the country's farmers.

Mr. Fadia made a comment after signing an agreement with five commercial banks to fund "their customers operating in the marketing and export of cashew nuts".

"This government initiative aims to help collectors during this difficult time of the health crisis because of disease, so that they can buy raw things from farmers," said Mr Fadia.

For his part, Guinea-Bissau Association of Commercial Banks Association, Romulo Pires praised the government's support for the private sector that "This fund will significantly boost the cashew campaign for this year".

Cashews are the main export item of Guinea-Bissau, the fifth largest producer in the world. In 2019, the country exported about 200,000 tons to India, Vietnam and China.

This year, the government set the price at 350 CFA francs per kilogram

Source: Yeclo

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