Turkmen banks to allocate concessional loans to private farmers
Baku, Azerbaijan, Oct. 13
By Rashid Shirinov – Trend:
Banks of Turkmenistan will allocate concessional loans to private agricultural producers, Neutral Turkmenistan newspaper reported.
The relevant decree was signed by Turkmenistan's president. In accordance with the document, authorized banks of Turkmenistan are allowed to allocate preferential loans to agricultural joint-stock companies, agricultural research institutes, tenants, private entrepreneurs-agricultural producers and non-state legal entities and individuals.
Funds will be allocated for the purchase of agricultural machinery, mechanisms and tools, excavators and bulldozers used in agriculture, and water-saving equipment at one percent per annum on a uniform annual return based on their ten-year operation.
In addition, loans will be provided to finance investment projects related to livestock and poultry development, processing and provision of services, as well as to purchase fixed assets and property at five percent per annum for up to ten years.