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Cheap Agricultural Loans Program

Published: August 21, 2013 | 9:55 am
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TV3 continues to enquire about the amount of loans issued by the banks as part of the Cheap Agricultural Loans program. The Bank of Georgia spokesman Vazha Menabde has told the channel that the bank has already issued in excess of 500 loans totalling 18 million GEL. The majority of the loans have been issued to small and medium scale enterprises. According to Mr. Menabde, there is a desire to expand manufacturing within the agricultural sector following the opening up of the Russian market. The BOG spokesman states that the bank’s Cheap Agricultural Loans budget does not have a limit, and it will attempt to approve all acceptable applications.
The VTB Bank has already issued loans totalling 14 million GEL as part of the program, and expects the number to reach the 25 million GEL mark by the end of the year. A total of 3 500 000 GEL has been given out by Basisbank, which plans to double that amount by the end of the year.

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