AGRICULTURAL MACHINE

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The Agricultural Machinery and Grain Storage Projects for Panama will assist in reorganizing three organizations that were taken over by the Instituto de Fomento Economico (IFE). The IFE is a government agency that works to develop the national economy of Panama. It oversees many of the agricultural projects that have been financed by Bank loans. In order for to it be more effective, the IFE will reorganize three organizations and incorporate them under its structure. The first organization is the Banco Agropecuario y Industrial. It will now be called the Departamento de Fomento and will focus its activities on operations concerned with agriculture and livestock. The second organization is the Banco de las Provincias Centrales. It will now be called the Departamento de Banca Comerical and will operate as an independent financial unit. The third and last organization is the Banco de Urbanizacion y Rehabilitacion. It will now be called the Departamento de Urbanizacion y Rehabilitacion and will maintain its existing properties, collect interest on loans, rents, and repayments, and sell lots that it still holds. This reorganization by the IFE will allow it to be a more effective and efficient agency in order to develop the economy of Panama.