Banco De Fomento Agropecuario

On December 11, 1961, the Civil Military Directorate issued the Rural Welfare Law, creating through it the Rural Welfare Administration (ABC), which began operations in 1962, its objective being to raise the standard of living of farmers, through supervised agricultural credit programs. For 11 years, the ABC offered its services to the rural sector, and in view of the fact that this sector demanded a lot of attention that said Institution could not offer, the Agricultural Development Bank (BFA) was created, by means of Decree No. 312 of 10 of April 1973, published in Official Gazette No. 75, Volume 239 dated April 25, 1973. The BFA was created as an Official Credit Institution, decentralized from the Ministry of Agriculture and Livestock, in whose direction the State and Livestock participate. the Private Sector through the Cooperative Associations and the Agricultural Cooperative Societies, the Agricultural Trade Associations and the Professional Associations of the Sector. The BFA began operations on May 4, 1973.