Financial aid of projects supporting the agriculture will be granted in national currency

Financial aid of projects supporting the agriculture will be granted in national currency. Amendments have been made within the frameworks of preferential agricultural credits and projects of co-financing of processing and storage industries of agricultural products. In accordance with the decision made at government session, a preferential agricultural credit will be granted only in national currency. The above mentioned amendments are concurring with state plan of Larization of country and stimulate the provision of loan in Lari; provision of long-term loans for beneficiaries in national currency is recommended for prevention of currency risks. Before the amendments were made to the project of preferential agricultural credit, the maximum term of loan within the fixed assets was determined for 7 years. According to the amendments the limitation of the term has been cancelled. The term for co-financing of interest rate of the loan after the issuance of first tranche has been increased by the term of 66 months. Beneficiaries will be afforded with opportunity to use the loans with fixed interest rate as well as the loans with floating interest rate and to make optimal choice. In accordance with the new edition of the project of co-financing of processing and storage industries of agricultural products, the co-financing agreed within the frameworks of the project will be granted only in national currency. In addition, within the frameworks of the project the financing of storage industry for nut species also became possible. As of today, within the project of preferential agricultural project more than 27 000 preferential loans were granted up to 16 000 beneficiary throughout Georgia. Sums paid by commercial banks exceed 759 million GEL and 238 million USD. Within the frameworks of the above mentioned state programs, 154 new industries were founded and 700 were reequipped.

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