The National Development Fund for Agribusiness is now offering grants to entrepreneurs in Para, Wanica, Commewijne, Coronie, and Nickerie (NOFA). In the presence of Minister Parmanand Sewdien of Agriculture, Livestock, and Fisheries, the finance agreements were signed on Friday (LVV). Within three months of its start in August of last year, Trustbank Amanah offered NOFA financing to boost capacity in the fisheries, poultry, rice, hydroponics, and fruit processing industries. The mission of NOFA is to advance and bolster Suriname’s agricultural firms’ agribusiness, competitive position, and revenue potential. Additionally, the fund gives agriculture sector business owners the chance to boost their capacities and productivity.
The NOFA board and Trustbank Amanah are dedicated to achieving the sector’s national development. According to Maureen Badjoeri, CEO of Trustbank Amanah, “Since the inception of NOFA, we have noted the development in the need for funding within the specific industry and have taken an active approach to the various districts.” Entrepreneurs from the districts of Sipaliwini, Marowijne, Saramacca, Nickerie, and Paramaribo are currently submitting NOFA loan applications for the poultry and agricultural sectors.
According to Minister Sewdien, the fund will be a huge success. He claims that borrowing money with a 5.5% return to increase agricultural production is unusual. The minister hopes that farmers will use this effectively. This is a tremendous incentive for Claudia Maatsen, president of the women’s group Asajakaweno in Para, who was one of the recipients, to increase production right away in order to develop their business, where pineapple is processed into a finished good. For the women in the hamlet, it is their initial impulse.
For applications for NOFA finance, agricultural entrepreneurs continue to go to the fund manager Trustbank Amanah. By December of this year, funding from all districts is expected to be available.