National Fund of Guarantee for agriculture loans
25/05/2015 00:00
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The government and the European Bank for Reconstruction and Development
introduced the National Fund of Guarantee in Agriculture and Rural
Development, which aims to increase loans in the agricultural sector
through state guarantees and the EBRD.
“Businessmen must produce with our support, without taking care of the papers that they should send to banks. We will do this and we can guarantee, together with the EBRD, that banks will have a minimal risk, if not inexistent. All the money that you have should be invested in agriculture, because it is the sector with no danger”, Rama declared.
“We are talking with concrete numbers to justify the cooperation between you as investors, with the banks of the Albanian government, to realize the agriculture investments. This is not about dozens of millions, but even more than 100 millions, which will be used to turn agriculture into a locomotive of development for the Albanian economy”, the Minister of Agriculture added.
The EBRD representative for Albania, Cristof Denk, declared that the National Fund of Guarantee in Agriculture and Rural Development is an element that will unblock crediting in agriculture.
“Both these products have an essential element, and this includes the National Fund of Guarantee. The idea is that this loan and these portfolios that benefit from the so called the first loss coverage, means that the first losses that will not take place in a portfolio of loans, will be covered by the fund that covers this and that has been funded by grants”, Denk underlined.
The Agency of Rural Development and Agriculture is the intermediary between banks and businessmen. The Agency will undertake the information process, training, collecting projects and submitting them in banks.
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