‘La banca me engañó’: Petro will decree compulsory investments in the financial sector for agricultural development
President Gustavo Petro during the third session of the Council of Ministers on the winter emergency in the country. Photo: Andrea Puentes| Presidency
TL;DR
- President Gustavo Petro announced a compulsory investment measure for the financial sector to promote agriculture.
- Petro stated that private banks failed to meet the commitments of the 'pact for credit' signed in August 2024, directing funds towards consumer credit and out of the country.
- The government plans to set interest rates near zero percent for agricultural credits via Finagro and Banco Agrario to reactivate production in emergency-affected zones.
- There will be an increase in associative credits for agricultural companies through Bancoldex.
- A credit system with compensated rates will be established for small agricultural companies in emergency zones.
- The government is awaiting a response from the Constitutional Court on the first economic emergency decree before implementing further measures.