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The state will repay the interest on a loan issued for growing annual crops
In accordance with the decision of the Government of Georgia, the sub-component will be added to the Preferential Agro Credit project, under which, the Rural Development Agency will co-finance the interest on loans issued for the purpose of growing annual crops.Â
The Rural Development Agency will co-finance the loan over 12-month at an interest rate of 9% per annum. The maximum annual interest rate of the loan has been set at 18%. The loan amount per beneficiary has been estimated at GEL 5,000 to GEL 100,000.
The loan will cover the costs for sowing/planting seed materials for annual crops, pesticides, organic and mineral fertilizers, current costs for biological plant protection products, hiring an agricultural labor force for planting/ growing annual crops, fuel costs, and equipment rental.Â
The co-financing may be received by citizens of Georgia, individual entrepreneurs, and legal entities registered in accordance with the legislation of Georgia, (except for state / municipal enterprises).
Issuance of agro-credit will start after the enactment of the ordinance; Financial institutions will be able to issue loans until October 31, 2022.