...

Georgia reveals volume of agricultural loans

Business Materials 9 October 2020 16:55 (UTC +04:00)
Georgia reveals volume of agricultural loans

BAKU, Azerbaijan, October 9

By Tamilla Mammadova – Trend:

Some 2,215 agricultural loans were issued within the framework of the state program of preferential agricultural lending in Georgia as of October 9, the total loan amount exceeds 40 million lari ($12.4 million), including co-financing from the agency exceeding 3.3 million lari ($1.02 million), said Minister of Environment and Agriculture Levan Davitashvili, Trend reports via Georgian media.

Meanwhile, the state fully covers the 6-month interest rate to finance the ongoing costs of growing annual crops under a preferential agricultural credit program.

According to Davitashvili, 300 million lari ($93.5 million) has been invested in the state program "Preferential agricultural loan" since the launch. This amount attracted about 2.7 billion private and banking resources. As the minister said, 40,000 farmers, participate in state projects.

The implementation of the “Preferential agricultural loan” program began in March 2015 and its main goal is the efficient use of agricultural land in Georgia through the cultivation of perennial crops.

According to the ministry, more than 11,000 new jobs have been created since the launch of the concessional agricultural lending project.

As Davitashvili said, in the coming years the government will spend over one billion lari on the development of agriculture.

---

Follow the author on Twitter: @Mila61979356

Tags:
Latest

Latest