Turkey increases lending volume for agriculture

Business Materials 12 November 2013 16:58 (UTC +04:00)

Baku, Azerbaijan, Nov. 12

By Rufiz Hafizoglu - Trend: Turkey has allocated more than $ 25 billion Turkish liras for the development of agriculture in the country, Sabah newspaper reported on Monday.

According to the newspaper, these funds were allocated in the form of loans for the development of the agricultural sector for the first nine months of this year.

Turkey ranks seventh in the world in terms of agricultural production.

Around 50 per cent out of 181,000 projects that contribute to agricultural mechanisation have been financed since 2007. Special attention has been paid to the technical component that helped Turkish agriculture to increase from $23 billion to $62.5 billion in the past 10 years.

The official exchange rate is 2.0265 TRY/USD on Nov. 12.