The president spoke during the official launch Wednesday of Financiera Nacional de Desarrollo, a development bank created as part of the financial system reforms implemented in January.
Financiera Nacional de Desarrollo will work with peasant, state and private lending institutions to support the farm sector, the president said.
The first step being taken by the development bank is to cut loan rates to single-digit levels, PeÑa Nieto told the peasant leaders, bankers and state officials who attended the ceremony in the western city of
The move will save borrowers about 40 percent since they are currently taking out loans with interest rates of around 14 percent, PeÑa Nieto said.
"In 2014, the federal government will provide
Farmers borrowing up to
Borrowers will have up to 15 years to repay the loans, which can be used to invest in equipment, infrastructure or any other area that will improve their farms. EFE
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