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Latino Daily News

Sunday September 25, 2011

Honduras to Benefit from $21 Million Aid to Cut Poverty in Rural Areas

Honduras to Benefit from $21 Million Aid to Cut Poverty in Rural Areas

Photo: Honduras to Invest $21M in Rural Areas

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Small producers in rural areas of Honduras will be the main beneficiaries of a new United Nations-backed project that will invest $21 million to combat poverty in the north of the country.

The project, signed this week by the Honduran Government and the UN International Fund for Agricultural Development (IFAD), aims to facilitate market access for small producers and establish relationships with the private sector to ensure its profitability.

“The Northern Horizons Project is intended to boost competitiveness, income, and food security for small producers in 27 municipalities with high concentrations of rural poverty in the departments of Atlántida, Cortés, and Santa Bárbara,” said Enrique Murguia, coordinator of IFAD projects in Central America.

“The project will benefit about 24,000 households, with 12,000 of them receiving technical assistance, venture capital and financial services.”

The six-year project will be implemented by the Department of Agriculture and Livestock and almost half of the investment will be in the form of a highly concessional loan, noted IFAD in a news release. The Central American Bank for Economic Integration will provide further support in the form of co-financing and the balance will come from national and local contributions.

IFAD has been supporting Honduras since 1979, and has provided approximately $120 million in loans through various projects.