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Economics

Loan rates for farmers in Kyrgyzstan to be reduced

Loan rates for farmers will be reduced in Kyrgyzstan in 2017. The head of the Kyrgyz government Sooronbay Jeenbekov announced today at the working meeting.

Loans for the treatment and processing of agricultural products, export-oriented agricultural production will be issued at six percent per annum for three years.

Compared to 2016, the rate has been reduced by four percent. It stipulates for the provision of state support in the form of subsidies to three branches of agriculture: animal husbandry, crop production and processing industry. 

Since 2013, there have been issued 53,590 preferential loans of 17.1 billion soms in the republic.

As a result, it was decided to issue loans for animal husbandry at 6 percent for 18 months, for crop production - at 10 percent for 24 months, and for processing and treatment of agricultural products - at 6 percent for 36 months.

Totally, up to 7 billion soms will be allocated from the state budget for preferential loans program in 2017.