Agriculture Minister says state to continue co-financing loan interest for farmers growing annual crops
Otar Shamugia, the Minister of Environmental Protection and Agriculture of Georgia, on Wednesday said the state would continue co-financing expenses required for maintenance of annual crops by farmers. Photo: Ministry of Agriculture
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Otar Shamugia, the Minister of Environmental Protection and Agriculture of Georgia, on Wednesday said the state would continue co-financing expenses required for maintenance of annual crops by farmers.
Shamugia said the financing would be continued at a rate of annual nine percent with the upper limit of ₾100,000 ($37,041).
The Minister added the Rural Development Agency would help farmers to cover current costs of growing annual crops - vegetables as well as horticultural crops at all stages of plant care and cultivation - through the Preferential Agrocredit project launched in 2013.
He also noted “all costs” of growing crops in hazelnut orchards with an area of more than three hectares would be financed with up to ₾3,000 ($1,111), adding farmers could take out loans from ₾5,000 ($1,852) to ₾300,000 ($111,124) for 12-month co-financing at eight percent.
Residents of mountainous areas of Georgia will be able to purchase small-scale farming equipment with state co-funding thanks to a new ₾5 million ($1.85mln) programme approved at today’s Government meeting.
The Government of Georgia on Wednesday approved the climate change action plan for 2024-2025, which outlines mitigation measures in energy generation and transmission, transport, buildings, industry, agriculture, waste management and forestry.
A total of 4,305 preferential loans worth ₾70.9 million ($23.7mln/€22mln) have been issued in Georgia since March 22 to promote cultivation of annual crops, the Georgian Agriculture Ministry announced on Thursday.
The Rural Development Agency of Georgia’s Ministry of Agriculture will co-finance interest of loans taken out by farmers to grow single-year crops, the Government announced on Monday following the weekly meeting led by Prime Minister Irakli Garibashvili.