08/2014
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6 K y r gy zsta n Agriculture Finance Bulletin Kyrgyzstan Bans Hay Exports to Tajikistan USAID to Train Farmers on Maize Cultivation Best Practice Korea International Cooperation Agency Plans Projects in “Green Economy” Sectors Reduced Harvest Expected for Potatoes, Wheat and Sugar Beet
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Agriculture Finance Bulletin Edition #6, August 2014
Contents State Initiatives ........................................................................................................... 2 1) 2) 3) 4) 5) 6) 7) 8) 9) 10) 11) 12)
Kyrgyzstan to Benefit from Russian Ban on EU Food Imports......................................................... 2 Ministry of Agriculture Presents Plan for Food Export to Russia .................................................... 2 Government Intervention in the Sugar Market “Successful” .......................................................... 3 Farmers Receive 747 Tons of Seeds Worth 13.7 million KGS as Interest Free Commodity Loans.. 3 Kyrgyzstan Bans Hay Exports to Tajikistan ...................................................................................... 3 More Than 31.000 Illegal Buildings On Agricultural Land ............................................................... 3 Expert Blames Drought on Irresponsibility of Water Service Professionals.................................... 4 Ministry of Agriculture Budget to Increase by a Factor of 2.4 ........................................................ 4 Agriculture Minister Warns About Degradation of Irrigated Land.................................................. 4 China Invited to Participate in Irrigation and Soil Improvement..................................................... 5 Prime Minister Explains Lack of Concessional Lending in Talas ...................................................... 5 Dairy Product Exports to Custom Union Countries to Resume ....................................................... 5
Foreign Aid ................................................................................................................. 5 13) 14) 15) 16) 17) 18) 19)
USAID to Train Farmers on Maize Cultivation Best Practice ........................................................... 5 Union of Banks of Kyrgyzstan to Train Business and Lending Staff on Leas-ing Services ............... 6 EDB Warehouses to Store Tens of Thousands of Tons of Crops Annually ...................................... 6 Government to Establish a Leasing Fund for Agricultural Machinery ............................................. 6 Korea International Cooperation Agency Plans Projects in “Green Economy” Sectors .................. 7 Issyk-Kul Region and China to Cooperate on the Development of Greenhouses ........................... 7 Government and USAID Discussed New Cooperation Opportunities ............................................. 7
Private Sector.............................................................................................................. 7 20) 21) 22) 23) 24) 25)
During the first half of the year, 51% of Microloans Marked for Agriculture ................................. 7 Chinese Investors to Build Milk Factory in Osh ............................................................................... 7 Reduced Harvest Expected for Potatoes, Wheat and Sugar Beet ................................................... 8 2000 Participate in Fruit and Berry Festival “Karagat +” ................................................................. 8 Talas Farmers Delay Bean Sale, Anticipating Prices of 120 KGS Per Kg........................................... 8 South Korean Company «TOFA» to Build an Agro-Tourism Cluster................................................ 8
Note: The Agriculture Finance Bulletin presents a monthly roundup of headlines and news stories related to investments and financing flows to Kyrgyzstan’s agricultural sector. This bulletin is prepared by Business & Finance Consulting—a Swiss-based development finance consulting company with a long history of working in Kyrgyzstan. Currently, BFC is implementing the Rural Finance Programme for the Kyrgyz Ministry of Finance and KfW. Read more » BFC Max-Högger-Strasse 6 CH-8048 Zurich, Switzerland
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BFC. Agriculture Finance Bulletin.
State Initiatives 1)
Kyrgyzstan to Benefit from Russian Ban on EU Food Imports
August 25th, 2014, http://www.timesca.com/index.php?option=com_content&view=article&id=14197:kyrgyzstan-tries-tobenefit-from-russias-ban-on-eu-food-import&catid=79&Itemid=567
In light of Russia’s ban on the import of agricultural products from countries that introduced sanctions targeted at Russia (the European Union, the USA, Australia, Canada, and Norway), Kyrgyzstan is preparing to increase its export of meat, dairy products, fruit, vegetables, melons and watermelons, juices, dried fruit, nuts and honey to Russia prior to its entry into the Customs Union. The ban was introduced on August the 7th for the duration of one year. The supply gap will be filled with imports from CIS countries, Asia and South America. During a regular meeting of the Board of the Eurasian Economic Commission in Moscow, Russia announced the lifting of the ban on Kyrgyz fruit and vegetable imports allowing for delivery of 200,000 tons of available fruit and vegetables. According to the Kyrgyz Ministry of Agriculture, 316 food enterprises are ready to export their products to Russia. Kyrgyzstan produces about 0,5 million tons of meat and meat by-products per year, of which only half is destined for the domestic market; 1.3-1.4 million tons of potatoes (only 25-30 percent for the domestic market); and 0.9 - 1 million tons of vegetables (20-25 percent for the domestic market). While Russia no longer requires phytosanitary inspection on imports of Kyrgyz crops, the exports of meat and dairy products will be bound to certain conditions - including improvements to veterinary and animal health standards as well as the development of specialized slaughter plants and modern facilities for cooling, freezing and storage of meat. Due to underuse of available veterinary services and medicine, to date only 8 of the 34 dairy plants have permission to export their products to Russia. Additionally, in order to enter into contracts with Russian retailers it will be necessary to create logistics centers capable of calibrating and packaging products according to the needs of the Russian market. Vladimir Nekrasov, Russia’s trade representative in Kyrgyzstan, announced the creation of an operational headquarters at the Kyrgyz-Russian Economic Council, which will act as an intermediary between Kyrgyz agricultural producers and Russian retailers. A hotline will be created to coordinate export volumes with the needs of Russian retailers. The Minister of Economy, Temir Sariev, and the Ministry of Agriculture advised farmers to consolidate their production and to focus exports on nearby Russian cities such as Yekaterinburg, Tomsk, and Omsk.
2)
Ministry of Agriculture Presents Plan for Food Export to Russia
August 14th, 2014, http://kyrtag.kg/news/detail.php?ID=293370
For 2014-15, the Ministry of Agriculture expects crop exports to Russia to reach 50-60 thousand tons of potatoes; 60-70 thousand tons of vegetables (of which 15-20 thousand tons of onions); 5,000 tons of melons; 200-250 tons of canned vegetables; 3-3.2 thousand tons of fresh grapes; 200-220 tons of dried fruit; 60-65 thousand tons of fresh fruit; 100-120 tons of nuts and 1.5-2 thousand liters of mineral water and soft drinks. Export of 30-35 thousand tons of meat and meat products as well as 1.5-2 thousand tons of dairy products will depend on Russia’s temporary recognition of certifications issued by Kyrgyz food safety laboratories until they meet the standards set by the Customs Union.
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3)
Government Intervention in the Sugar Market “Successful”
August 14th, 2014, http://kyrtag.kg/news/detail.php?ID=293212
The chairman of the State Material Reserve “Gosmatrezervov Fund”, Sherali Abduldaev, deems the government successful in its attempt to regulate the sugar price. According to Abduldaev, the market price was kept at 46 to 50 KGS per kilo preventing peak prices of up to 60 KGS per kilo. To date, 2,800 tons of the expected 10,000 have been received from Azerbaijan of which 2,000 tons have been released on the market. In the coming 2 to 3 months the remaining volume will be delivered and sold in the country. The sugar had been purchased at $685 per ton.
4)
Farmers Receive 747 Tons of Seeds Worth 13.7 million KGS as Interest Free Commodity Loans
August 14th, 2014, http://www.vb.kg/283578
In view of ensuring food security the Ministry of Finance distributed a total of 746.77 tons of grain seeds worth 13.734 million KGS on interest-free terms through the State Fund for Economic Development. The preferential commodity loans are financed by the state budget, foreign loans and grants from the government of Japan. Since the beginning of the year, farmers in Batken have received 24 tons of seeds (3.2%); those in Jalal-Abad 90.25 tons (12.1%); in Osh 138.5 (18.5%); in Issyk-Kul 114.2 (15.3%); and in Chui 329.5 tons (44.1%), with the remaining 50.32 tons (6.8%) being allocated to Talas and Naryn regions. In the same period the government issued 792 loans to 13,000 rural producers totaling 4,505.6 million KGS through the project "Financing agriculture-2". So far credits totaled 3,527 million KGS (78.3%) for livestock; 388.3 million KGS (8.6%) for crops; and 590.3 million KGS (13.1%) for seeds, breeding farms, agricultural cooperatives and for the processing of agricultural products.
5)
Kyrgyzstan Bans Hay Exports to Tajikistan
August 12th, 2014, http://kyrtag.kg/news/detail.php?ID=292514
At a press conference in Bishkek, Agriculture Minister Taalaibek Aidaraliev announced the ban of forage exports to avoid fodder shortage and possible mass sales of livestock. According to the Minister, this year’s additional 65,000 hectares of forage crops will produce an extra 170,000 tons of hay. With a target of 6.7 quintals of fodder per head of cattle, the country’s fodder reserves amount to 200,000 tons, which is sufficient should the exports remain restricted, added Aidaraliev. As it is highly profitable, many farms focus exclusively on fodder production. A bale of alfalfa hay costs 180 KGS in Osh and 220-250 KGS in Bishkek. Businessmen have been buying the bales for 200 KGS in Kyrgyzstan and reselling them for 300 KGS in Tajikistan, where the feed shortage is even more acute this year.
6)
More Than 31.000 Illegal Buildings On Agricultural Land
August 9th, 2014, http://kyrtag.kg/news/detail.php?ID=292038
MP Tekebaev proposed a draft law prohibiting the division of farm land into areas under a certain size and its alienation for the purpose of residential construction. In the face of shrinking farm land around towns and villages, the bill is intended to strengthen current legislation against squatting and an existing moratorium on the transfer of land from one category to another. Earlier this month, the director of the State Inspectorate for Environmental and Technical Safety, Taalaibek Nurbashev asked the government to take measures against illegal construction on agricultural land amounting to 31,233 structures throughout the country (not including another 60,000 illegal buildings in Bishkek). Page 3
BFC. Agriculture Finance Bulletin.
7)
Expert Blames Drought on Irresponsibility of Water Service Professionals
August 7th, 2014, http://aif.kg/novosti/obschestvo/8057-urozhay-gibnet-ne-iz-za-prirodnyh-faktorov-a-po-prichinebezotvetstvennosti-gosudarstva-akademik-d-akimaliev.html
The general director of the Kyrgyz Scientific Research Institute of Agriculture, Jamin Akimaliev, doubts that this year’s drought was caused by natural factors, pointing to Kyrgyzstan’s 35 reservoirs, of which the largest is the Toktogul reserve with almost 20 billion cubic meters of water. He notes that these reserves had been sufficient to irrigate 1 million hectares of land in the 1990s, so should be sufficient for the current 860,000 hectares in need of irrigation. Akimaliev added that the Orto-Tokoi reserve, having assured water provision to the Chui Oblast for the last 60 years, was full in April and almost empty in June. According to Akimaliev, the population living near the reservoir believes that the water had been sold by the Water Users’ Associations and non-governmental organizations involved in water management. Akimaliev says that an internal investigation should be launched to identify those responsible and bring them to justice. In order to prevent a future water and harvest crisis, he recommends state management of water resources.
8)
Ministry of Agriculture Budget to Increase by a Factor of 2.4
August 6th, 2014, http://www.vb.kg/282733
During a public hearing to discuss the government budget for 2015, it was announced that 5.38 billion KGS is to be allocated to the Ministry of Agriculture and Land Reclamation - an increase by a factor of 2.4 on the 2014 budget of 2.247 billion KGS. Agriculture Minister, Taalaibek Aidaraliev, said that 1% (67.1 million KGS) of the funds will be allocated to planning, management and administration; 5% (247.2 million KGS) to support crop production; 37% (1.982 billion KGS) to support livestock; and 57% (3.08 billion KGS) to the Irrigation and Land Reclamation Fund. The Ministry of Agriculture also announced a budget forecast for 2016 and 2017 amounting to 5.95 billion KGS and 4.52 billion KGS respectively.
9)
Agriculture Minister Warns About Degradation of Irrigated Land
August 6th, 2014, http://www.vb.kg/282711
Agriculture Minister Taalaibek Aidaraliev has warned that the productivity of irrigated land in Kyrgyzstan has been decreasing from year to year due to the negative impact of surface water and groundwater, exacerbated by dysfunctional drainage facilities. According to Aidaraliev, about 100,100 hectares of the total 1.2 million hectares of irrigated land are in poor condition: 42.100 hectares are affected by shallow groundwater and 49,300 hectares are saline, while another 8,700 hectares are affected by both problems. The Minister also stressed the need to promote drip irrigation and mineral fertilizer production in Kyrgyzstan. In his opinion, the development of drip irrigation can resolve the irrigation shortages observed this year, when less than 40% of the normal water supply had reached the fields. In addition, he states that Kyrgyz farmers use three to four times less fertilizer than the recommended standard - in average 230 kg per hectare instead of the recommended amount of 1 ton. Consequently they receive only a maximum 30 tons of crop per hectare, explained Aidaraliev.
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BFC. Agriculture Finance Bulletin.
10) China Invited to Participate in Irrigation and Soil Improvement August 4th, 2014, http://kabar.kg/rus/economics/full/80695
First Deputy Prime Minister Tayirbek Sarpashev held talks with Jae Jun, representative of the Chinese state-owned Production Construction Corporation, regarding the implementation of agriculture-sector projects. Sarpashev suggested Chinese participation in the improvement of Kyrgyzstan’s irrigation system, including the introduction of drip irrigation on 50,000 hectares of arable land and the construction of a drip-irrigation equipment plant. Jae Jun announced the opening of an exhibition center in Bishkek run by the Chinese Academy of Sciences focusing on the preparing of uncultivated land for agricultural production. Through trainings sessions and presentations on advanced technology and plant breeding techniques, the center will help Kyrgyzstan to increase yields and to extend agricultural autonomy.
11) Prime Minister Explains Lack of Concessional Lending in Talas August 1st, 2014, http://www.vb.kg/282152
In a question and answer session with the readers of "Vetshernji Bishkek" Prime Minister Djoomart Otorbaev explained the lack of concessional loans in Talas during the sowing season. Last year, after the elimination of intermediary companies, the sale of beans became highly profitable, encouraging many farmers in the region to invest heavily in the edible seeds. As credit resources (7 billion KGS nationwide) were limited, many farmers from Talas took loans from microfinance companies at market rates. Otorbaev advised farmers to improve their collateral and their credit history in order to increase their chances of obtaining concessional loans from the state program.
12) Dairy Product Exports to Custom Union Countries to Resume August 1st, 2014, http://novosti.kg/2014/08/otechestvennoe-moloko-snova-budut-eksportirovat-v-strany-tamozhennogosoyuza/
Two years after Kazakhstan banned imports of dairy products from Kyrgyzstan due to the epizootic situation in the country, Kazakh experts have visited Kyrgyzstan to reevaluate three regions, concluding that domestic animals do not currently carry dangerous diseases. Exports of milk to Russia, Belarus and Kazakhstan will subsequently resume.
Foreign Aid 13) USAID to Train Farmers on Maize Cultivation Best Practice August 14th, 2014, http://www.gazeta.kg/news/kyrgyzstan/society/7283-v-sele-lyuksemburg-prohodit-den-polya-dlyafermerov-kotorye-vyraschivayut-kukuruzu.html
On the 20th of August, the USAID funded Kyrgyz Agro-Input Enterprise Development Project (KAED), in cooperation with the agricultural cooperative "Tim Agro", is organizing a field day for local farmers and agricultural specialists in the village of Luxembourg in the Issyk-Ata district. Participating farmers, seed suppliers, local governments, agricultural cooperatives, financial institutions, international organizations and service companies will be instructed on hybrid maize and the development of plants. This is intended to help farmers to select the best hybrids and increase productivity in the upcoming year. Materials on corn growing methods will be provided and the operation of modern technology will be demonstrated - including John Deere and Claas Orion tractors, Claas Dominator harvesters and mounted agricultural machinery from Kuhn, Amazone, Berko and BioStar. Page 5
BFC. Agriculture Finance Bulletin.
14) Union of Banks of Kyrgyzstan to Train Business and Lending Staff on Leasing Services August 13th, 2014, http://www.gazeta.kg/news/kyrgyzstan/society/7608-predstavitelyam-malogo-i-srednego-biznesarasskazali-ob-osnovah-lizinga.html
From the 14-16th August, the Union of Banks of Kyrgyzstan organized training for officers of banks, microfinance institutions and credit unions on the "basic aspects of leasing for financial institutions". Between the 11-13th of August, 1 day training sessions on leasing were held for small and medium-sized businesses. The main purpose of the course was to familiarize the participants with the basic aspects of leasing transactions, taxation of leased property and other critical issues related to leasing. With the support of USAID, both training programs were developed to raise awareness and knowledge about the leasing business. The coaches are leading specialists from commercial banks who have practical experience of leasing in Kyrgyzstan. The sessions are free and, so far, more than 100 participants have attended. Leasing has gained momentum in Kyrgyzstan since the beginning of 2013, when an amendment to the Tax Code encouraged growth in the sector. Since then, a number of economic entities have used the opportunity to renew their machine park or acquire their own manufacturing equipment through leasing.
15) EDB Warehouses to Store Tens of Thousands of Tons of Crops Annually August 13th, 2014, http://www.vb.kg/283341
Andrey Shirokov, Director of the Eurasian Development Bank (EDB), announced the construction of high-tech warehouses as part of a comprehensive project to finance the creation of a commodity system for agricultural products. The project is to provide comprehensive logistical services prior to the sale of crops including: long-term storage; classification of goods; primary processing; packaging; laboratory studies; certification; and direct shipment to the end customer. Shirokov added that such a system is inexistent in Kyrgyzstan, due to a lack of investment since the collapse of the Soviet Union. The project, at a cost of $42 million, includes the construction of three storage facilities - primarily for fruits and vegetables - in the districts Issyk-Kul, Chui and Batken. It is being implemented by the joint Kyrgyz-Russian private enterprise "Ala-Too Logistics" with the participation of the LLC “SK Development”. Preparatory work is being conducted this year - including a feasibility study, business model elaboration and warehouse placement study. Construction will begin from next year.
16) Government to Establish a Leasing Fund for Agricultural Machinery August 13th, 2014, http://www.vb.kg/283339
In an interview with “Vetshernji Bishkek” Andrey Shirokov, director of the Eurasian Development Bank (EDB), said the Kyrgyz government will be capable of continuing the leasing project for agricultural machinery without further input from the EDB. After an initial contribution of $20 million from the EDB, the government will receive loan reimbursements from the farmers at higher interest rates than the discounted EDB credits. The increased returns will further finance the leasing fund for a projected 20 years.
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BFC. Agriculture Finance Bulletin.
17) Korea International Cooperation Agency Plans Projects in “Green Economy� Sectors August 11th, 2014, http://www.vb.kg/283184
In a meeting with the Minister of Economy Temir Sariev, the president of the Korea International Cooperation Agency (KOICA), Kim Yong Mok, expressed interest in contributing to the development of water management, environmental conservation, rural development and agricultural processing in Kyrgyzstan, offering to compile a list of priority projects. He stressed the importance of projects with a multiplier effect - for instance the construction of greenhouses which other farmers can copy in order to build their own businesses.
18) Issyk-Kul Region and China to Cooperate on Greenhouse Development August 4th, 2014, http://www.turmush.kg/ru/news:69599
According to the Plenipotentiary of the Government in Issyk-Kul, China has agreed to cooperate in the development of greenhouses and agricultural product processing in the Issyk-Kul region. The two sides also agreed to development horticulture in the region through the promotion of drip irrigation. In a meeting with representatives of both countries, a number of cooperation documents between the region of Issyk-Kul and the Xinjiang Production and Construction Corporation were signed.
19) Government and USAID Discussed New Cooperation Opportunities August 2nd, 2014, http://www.vb.kg/282253
Deputy Prime Minister Tayirbek Sarpashev and the Director of USAID in Kyrgyzstan Michael Green, recently discussed new cooperation opportunities and priorities. Sarpashev spoke of the government's plans for the development of greenhouses, the leasing system and drip irrigation. He added that the modernization of the agricultural machinery park is a priority - as during the previous year only 10% of the fleet had been updated. On a positive note, the number of greenhouses increased from 400 to 500 since the beginning of the year, according to Sarpashev. Green noted that USAID is currently working on a new program focusing on agriculture, tourism and the textile industry.
Private Sector 20) During the first half of the year, 51% of Microloans Marked for Agriculture August 25th, 2014, http://kabar.kg/rus/economics/full/81526
According to the National Statistics Committee, during the first half of the year 229,000 microloans were disbursed with a total value of 14.24 billion KGS. This represents a 4.4% increase in the number of loans and an 8.3% increase in volume compared to 2012. While more than half of the total volume is marked for agricultural investments, 22% of loans were granted for trade and public catering activities and 11.6% for consumer needs. A large proportion of the recipients are based in Jalal-Abad, Osh and Chui regions.
21) Chinese Investors to Build Milk Factory in Osh August 18th, 2014, http://kyrtag.kg/news/detail.php?ID=294046
Ouyang Jian, representative of the Chinese province of Gansu, announced the construction of a dairy plant in Osh as part of the framework for cooperation between the two regions. After having reviewed the economic and investment potential of Osh in 2013, Gansu investors are seeing potential in the farming and dairy sectors. Page 7
BFC. Agriculture Finance Bulletin.
22) Reduced Harvest Expected for Potatoes, Wheat and Sugar Beet August 13th, 2014, http://www.knews.kg/econom/53401_minselhoz_prognoziruet_nizkiy_urojay_pshenitsyi_saharnoy_sveklyi_i_kartofelya_v_kyir gyizstane/
Despite a total acreage increase of 16,000 hectares this year, the Ministry of Agriculture predicts poor harvests for several strategic crops due to drought and water shortage in the Chui region - where 48.7% of the sown area is concentrated. The gross grain harvest is expected to come in at 154,000 tons less than the previous estimate. The gross yield of sugar beet is expected to reach 146,000 tons compared to 195,000 tons last year, while the potato harvest is expected to decrease by 54,000 tons to 1.28 million tons. The Ministry also predicts a decrease in the yield of cotton, tobacco, oilseeds, fruits and berries.
23) 2000 Participate in Fruit and Berry Festival “Karagat +” August 12th, 2014, http://www.gazeta.kg/news/kyrgyzstan/society/7000-karagat-fest-plodovo-yagodnyy-ray.html
The annual fruit and berry festival "Karagat Fest" in the village of Kyzyl-Suu in the Jeti-Oguz district, welcomed 2000 participants from all parts of the region. The festival included an exhibition of berries and technical equipment; berry and homemade fruit product stalls and classes in fruit processing. At the event, the representative of the Kyrgyz government in the Issyk-Kul region, Emilbek Kaptagayev announced a $1 million state program to promote the development of the fruit and berry industry in the region. It will build on the work of the project “Karagat+”, financed by Kumtor and the AVEP, that provided training for 700 farmers in berry and greenhouse farming, created five nursery gardens, as well as a collection and storage network. Kaptagayev said, the goal of the state program will be to develop the processing sector and to increase orchard area from 8500 hectares to 80,000-100,000 hectares with the help of drip irrigation.
24) Talas Farmers Delay Bean Sale, Anticipating Prices of 120 KGS Per Kg August 8th, 2014, http://kyrtag.kg/news/detail.php?ID=292044
Koysun Kurmanalieva, the representative of the Government in the Talas region, estimates that the purchase price of beans will reach 115-120 KGS per kilo later this year, compared to a current price of 73 KGS per kilo. The average price amounted to 95-110 KGS per kilo in December 2013. According to Kurmanalieva, farmers are currently storing 20.000 tons of beans in anticipation of the price hike. This year, the total harvest is expected to amount to 110,000 tons. Bean cultivation in the region amounts to 54,847 hectares, a 9000 hectare increase compared to last year. The beans are currently purchased by 56 companies and are exported to 18 countries. The growing demand for beans has had a positive economic effect in Talas. Last year, farmers bought an estimated 900 cars and acquired new agricultural machinery, among which 5 new tractors.
25) South Korean Company «TOFA» to Build an Agro-Tourism Cluster August 4th, 2014, http://www.gazeta.kg/news/kyrgyzstan/society/6635-v-kyrgyzstane-postroyat-agroturisticheskiyklaster.html
The Ministry of Culture, Information and Tourism and the South Korean company TOFA signed a memorandum on the joint construction of a modern, environmentally friendly, agro-tourism complex - including greenhouses, facilities for the growing and heating of seed plants, warehouses, professional education institutions and hostels. The project aims to promote eco-friendly food products while attracting eco-tourists to Kyrgyzstan. Additionally, the project is intended to create jobs and promote environmentally friendly cultivation techniques. Page 8
Prepared by Business & Finance Consulting (BFC) www.bfconsulting.com In this bulletin, BFC provides extracts from articles that have been published by others and as a result cannot be held responsible for such content. The articles do not necessarily reflect the opinions of BFC, its staff, its associates or its partners. Copyright of articles is retained by their authors.