DR could lose banana market share

[NewsWhore]

The DR could lose its share of the international banana market in the aftermath of Tropical Storms Noel and Olga. A delay in the distribution of RD$400 million to get the sector back on its feet, as promised by President Leonel Fernandez, is also causing concern. Fernandez had promised to provide this sum at a preferential rate of 6% through the Banco Agricola, but none of the money has materialized to date. The Dominican Banana Producers Association (ADOBANANO) estimates that 78,000 acres of land were damaged in the storms and that the economic loss is equal to RD$900 million. Also, the damage to the sector has led to the loss of 8,000 jobs. Listin Diario writes that 1,200 producers are directly affected. Eddy Cabrera, speaking on behalf of ADOBANANO said that banana exports have been reduced by 50%.

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