Agricultural loans, EBRD: “Hundreds of millions of EUR are ready”
17/02/2016 00:00
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The EBRD Director or Southeastern and Central Europe is convinced that
the guarantee fund for agriculture will give hundreds of millions of EUR
in loans for farmers.
“Agriculture is a sector with huge potential and the government is interested for this program to function. We will see the demand from companies and if the scheme works, the funds will reach hundreds of millions of EUR to cover the entire demand. This program we take time, but we are certain it will turn into a massive financing scheme”, said Sylvia Ganser Potts, Director of the EBRD for the Southeastern and Central Europe.
The government and the EBRD agreed on January to use 75 million EUR as guarantee for loans that private banks will give to farmers.
“This is an innovative scheme that will serve to other countries too. The scheme doesn’t secure only funding. The money is important, but we are also securing consulting opportunities for banks and for farmers. The scheme will be flexible. If something doesn’t work, the program will change until it is functional”, said Ganser-Potts.
The government and the EBRD will compensate banks 50% of losses through this fund, for loans that do not return.
“We are discussing with banks and financial institutions. The scheme will secure loans for family businesses. We are convinced that the first loans will be given by April”, said Sylvia Ganser-Potts.
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