Cheap Agricultural Loans Program

How many loans have been handed out as part of the Cheap Agricultural Loans Program? The Procredit Bank has loaned a total of 11 million GEL to 500 customers as part of the State program. The Cheap Agricultural Loans Program forms 20% of the bank’s portfolio in the agricultural sector. According to a spokesman for the Procredit Bank, the loans have been evenly distributed among large and small manufacturers. As for the financing of new agricultural enterprises, the bank describes this as one of their priorities, but states that it does not keep a record of the precise amount of newly established enterprises.
The Bank of Georgia has also given out a total of 11 million GEL in loans as part of the program. The Public Relations Department at the BOG has stated that a part of these funds has helped establish tens of new enterprises. The Cheap Agricultural Loans Program has been launched on 29 April. A total of eleven banks and two microfinance organisations are taking part. Loans are given out at rates ranging from 0% to 8%.