Sagay City has obtained a financial assistance of P100 million from the Land Bank of the Philippines for the establishment of the first agro-industrial processing zone in the Visayas.

The Negros Occidental Agro-Industrial Export Processing Zone, to be administered by the Negros Island Zone for Investment and Development Inc., is seen to stimulate local economic growth and generate employment in northern Negros Occidental.

It will include an organic sugar mill, a certified organic triple-A class abattoir, holding pens, and a cold storage.

Earlier, the LandBank has granted a P15-million loan to the Negros Island Sustainable Agriculture and Rural Development Foundation for the importation of 1,200 heads of 250-kilo weaners from Northern Territories, Australia.

It has also extended a P50-million short-team credit line to Gamboa Hermanos Farmworkers Multi-Purpose Cooperative in San Carlos City to boost the group's sugar production.

GMFMPC has 282 members who were beneficiaries of the Comprehensive Agrarian Reform Program. The LandBank will also infuse P400 million to San Carlos Bioenergy Inc. to partially finance the Integrated Ethanol Distillery and Power Cogeneration Plant project also in San Carlos City.

In Iloilo City, the bank also granted a P50-million rediscounting line to microfinance institution, Taytay sa Kauswagan Inc., to augment TSKI's funds for its micro-lending activities and serve an additional 100,000 poor entrepreneurs to expand its portfolio to more than P1 billion.*

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