Loan rates to farmers could be reduced from 20-25% to 10%, director of the Department for Finance and Credit Policy of the Agrarian Policy and Food Ministry of Ukraine Bagrat Ahidzhanov said, the Ministry’s press service informs.

According to him, it will be possible thanks to the work of the Land Bank.

"We plan to create the Land Bank for farmers to have favorable conditions for work. Now interest rates, which the farmers of other countries have, make up 4-7% per annum. The interest rates, offered by commercial banks for domestic farmers, range between 20-25%, that is a quarter part of the loan," Ahidzhanov said.
 
He also stressed that the government program for reducing the cost of lending rates has been operating in Ukraine for more than 10 years, but it does not solve the complex issue of lack of necessary amount of funds in the state budget.

"The lion's share of public money goes to pay off those high interest rates, which increases every year. On the one hand, there are objective circumstances that shape these interest rates, but the state does not influence this. Therefore, we have decided to support the idea of the Land Bank creation, which would allow farmers receiving lending rate not higher than 10% interest per annum," director of the Department for Finance and Credit Policy of the Agrarian Policy and Food Ministry said.
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