FARM MECHANIZATION

closed

The British Guiana Credit Corporation Project will provide a loan of US$ 1.25 million to increase the financial resources of the Corporation for credits to farmers, contractors engaged in land improvement and farm works, loggers, sawmillers, shippers, and processors of agricultural produce. The proceeds of the loan will be used to finance the purchase and use of imported machinery, equipment, materials, and breeding stock. The British Guiana Credit Corporation was established in 1954 to promote the economic development of the country through the provision of credits for agriculture, forestry, fisheries, housing, and utilities, both public and private. The project is part of a continuing lending program of the Corporation within the general 1960-64 development program of the Government. The program supplements the Government's program of drainage and irrigation, and of expanded services to farmers, making available credit for the introduction of new techniques both in old and new agricultural areas. Changes in the Corporation's organization and financial structure agreed with the Bank during 1960 have been introduced. Major improvements have been made in accounting and operating procedures. In view of these, the Corporation is an acceptable channel for a loan by the Bank.