The projects, conducted by the Ministry of Environment and Agriculture of Georgia have experienced amendments.
The amendments aim to reduce economic damage caused by the crisis led by the novel coronavirus pandemic.
During the vintage of 2020, companies involved in the delivery of grapes will enjoy a cheap agricultural loan.
The amendments to the project include the following sub-components: "Grape processing enterprises" and "Grape processing enterprises that will purchase grapes for the production of alcohol."
In the sub-component "Financing of the food industry," the limit of preferential agricultural credit increased from 5 million GEL to 10 million GEL. Beneficiaries will no longer be required to process a certain amount of grapes if they receive a loan for the production of wine and alcoholic beverages as a result of grape processing.
In the leasing sub-component within the framework of "Financing the food industry," the size of leasing was increased from 5 million GEL to 10 million GEL. The term for co-financing the leasing agency's interest rate will be extended for a period of not more than 36 months (instead of not more than 24 months) in the amount of 12% per annum.
Aimed to support the primary processing of hazelnuts, a secondary collateral component for loans issued for working capital in hazelnut production has been added to the project. Under this component, the secondary collateral will be reimbursed by the state within the next 18 months after the issuance of the loan or its first tranche, but not more than 50% of the total amount of each new loan.
The program also includes a sub-component to facilitate the tea procession, which involves issuing a loan for working capital for the acquisition of tea. The amount of the credit granted to one beneficiary teeters from 20,000 GEL to 5,000,000 GEL. The co-financing period will be 12 months.
Bela Gelashvili
News Author