Decree 626 Incentive for Rural Capitalization in Colombia

Decree 626 of 1994 establishes provisions on the Rural Capitalization Incentive (ICR). This incentive is presented as a personal and non-transferable right aimed at natural or legal persons that carry out new investment projects financed, in whole or in part, with credits rediscounted in the Fund for the Financing of the Agricultural Sector (Finagro). The decree also establishes that the acquisition of land and working capital are not recognized for the ICR, except in specific cases of modernization or technological reconversion defined by the Ministry of Agriculture. In addition, the process to access the incentive is described, which includes eligibility, granting and payment.