Law 16 of 1990, Fund for the Financing of the Agricultural Sector (FINAGRO) in Colombia

Law 16 of 1990, promulgated on January 22, establishes the National Agricultural Credit System and creates the Fund for the Financing of the Agricultural Sector (Finagro), in addition to issuing other related provisions. The main objectives of this system are the formulation of credit policies for the agricultural sector and the coordination and rationalization of the use of financial resources in this sector. The law defines agricultural development credit as that granted to be used in the different phases of production and/or marketing of goods originating from agricultural and similar activities, with the purpose of boosting production, capitalizing the sector, increasing employment, stimulating technology transfer, contribute to food security, promote income distribution, strengthen the external sector of the economy, and improve the social and economic conditions of the rural sector.