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Georgia makes changes in preferential agro-credit system for food industry

Business Materials 2 July 2020 18:22
Georgia makes changes in preferential agro-credit system for food industry

BAKU, Azerbaijan, July 2

By Tamilla Mammadova – Trend:

The limit of the preferential agro-credit for funding the food industry has increased from 5 million lari ($1.64 million) to 10 million lari ($3.27 million) in Georgia, Trend reports referring to Georgian media.

Moreover, agro leasing for the food industry also has increased from 5 million lari ($1.64 million) to 10 million lari ($3.27 million).

The interest rate of the leasing will be co-financed for 36 months instead of 24.

In addition, hazelnut and tea growers will have more support in receiving co-financed loans to promote hazelnuts and tea productions in the country.

Some changes will be made in the state program Plant the Future, based on which setting up anti-hail and irrigation systems will be co-financed. The financial assistance will be provided for the establishment of new nursery farms and/or modernization and expansion of the existing nursery farms.

The state program Plant the Future was created in 2015, aiming to stimulate Georgia’s agricultural industry.

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