Banks Promote Insurance for Central American Farmers

December 23, 2005

THE Central American Bank for Economic Integration (CABEI) announced last week that it is giving $449,000 to help develop an insurance market for Central American farmers.

With the development of a more stable insurance market for the risk-prone sector, which employs 3 million people in the region and accounts for 25-40% of the labor force for Central American countries, farmers would have better access to credit and be more prepared to face the increased competition that the Central American Free-Trade Agreement with the United States (CAFTA) is expected to bring.

The project will build information systems, improve regulations and the legal framework for the market and promote innovative insurance instruments, according to a CABEI statement.

 

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