Government and EBRD will cover 50% of unreturned loans
19/01/2016 16:40
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The government and the EBRD will cover 50% of the farming loans that
will not be returned, after an agreement that grants 110 million EUR of
agricultural guarantee.
The agreement sent to Parliament shows that the scheme has two parts, one for the agricultural loans, through which the government and the EBRD will loan money to private banks if they will need to give them to farmers, and the second part, the ciommitment to cover 50% of losses for farmers that are unable to pay.
The fund will be managed by the EBRD and the government will pay 36 million EUR for the next three years. EBRD will offer 100 million EUR in the first phase only. All farmers can apply.
However, EBRD will have to give its consent before a loan is given, so that they can offer 50% coverage of losses.
The government hopes to generate 300 million EUR of loans for farmers with this loan.
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