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Results and Future Plans for the Cheap Agricultural Loans Program

Published: August 30, 2013 | 11:59 am
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Loans worth several millions, and up to 40 newly established enterprises – the head of the Agriculture Ministry’s Project Management Agency has been speaking about the results and future plans regarding the Cheap Agricultural Loans program. The project manager Irakli Moistsrapishvili has told TV3 that the State initiative, which encompasses three components, is proceeding successfully. According to him, aside from the new enterprises, existing businesses have also been helped to develop and expand through long-term cheap loans.
According to Mr. Moistsrapishvili, the banking sector has got itself involved in the program with great success. VTB Bank was one of the first to issue loans as part of the program. According to VTB spokesman Shmagi Bregvadze, the bank has now financed up to 600 businesses and individuals with loans totalling GEL 16 million.
The effectiveness of the government-initiated project has also been addressed by the Prime Minister. Bidzina Ivanishvili has made a statement on the subject at a meeting with journalists several months ago. According to him, 100 new enterprises will be established in the country through the Cheap Agricultural Loans program before the end of the year, instead of the initially planned 60.
According to a statement from the Agriculture Ministry Project Management Agency, the three components of the Cheap Agricultural Loans program will see farmers and manufacturers receive financing of up to GEL 140 million in total.

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