World Bank gives N77m loan to commercial farmers in Cross River

The World Bank has given N77million credit facilities to some commercial farmers in Cross River with a view to boost rice, cocoa and oil palm production.

Mr Owali Ilem, Commercial Agriculture Development Association (CADA), made the fact known to newsmen in Calabar. He said that loans were given to the farmers early in the year to enable them to prepare well for the new planting season.

The loans, which were routed through CADA, went to members of nine multi-purpose cooperative societies in the state. He said that one of the conditions to qualify for the loan was payment of “small’’ counterpart funds by each group or community.

Ilem said that the World Bank-sponsored agriculture development programme had been on in the state for about five years but that so far, the state government had contributed N168 million as counterpart funds.

“The state government’s contribution is a big boost to the programme but I am appealing to it to do more. The programme, would be rounded off soon has impacted positively on many farmers in the state,’’ he said.

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