To support the cultivation of annual crops in Georgia, 5,067 loans worth 81.2 million lari ($28 million) have been issued under the state project “Preferential Agrocredit” from March 22 to the present, the Rural Development Agency said.
The Agency co-finances the 12-month interest rate of the loan within the framework of the “Preferential Agricultural Credit” project at a rate of 9% per annum.
The maximum annual interest rate on the loan is set at 18%. Within the framework of the project, the loan amount per recipient is determined from 5 to 100 thousand lari (from 1.7 to 34.5 thousand dollars).
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The purpose of the loans is to cover the costs of sowing and planting agricultural annual crops, the purchase of pesticides, organic and mineral fertilizers, biological products for plants, fuels and lubricants for machinery, as well as financing the costs of hiring labor and agricultural machinery.
The loan can be used by citizens of Georgia, individual entrepreneurs and legal entities registered in accordance with the legislation of Georgia, except for state and municipal enterprises.
Under the program, financial institutions will issue loans until October 31, 2022.
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According to the Agency, the loans are aimed at reducing the cost of working capital for growing annual crops and enabling farmers to grow better agricultural products.
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