Government to allocate 7 billion for concessional lending to farmers

Under the project «Financing of Agriculture-5,» the total volume of soft loans for the development of agriculture will be 7 billion soms. Deputy Minister of Finance of Kyrgyzstan Almaz Azimov said this at a press conference.

According to him, at the first stage of the project, it is planned to lend to farmers 3.3 billion soms, at the second — 3.6 billion, the government allocated 700 million to subsidize commercial banks.

According to Almaz Azimov, the loan for the development of livestock will be issued for 36 months at 10 percent per annum, for crop production — 36 months at 10 percent per annum, and for villagers who intend to export or process agricultural products, the loan will be issued for 36 months at 6 percent per annum.

As the Minister of Agriculture, Food Industry and Land Reclamation Nurbek Murashev noted, commercial banks, involved in preferential financing of farmers, have money.

«Some farmers called us, worried that the banks ran out of money. This is not the case, there are 500 million in Aiyl Bank for preferential loans, there are 700 million in RSK, in Kyrgyzstan — 250 million, there are 2.5 billion for concessional lending, let farmers not worry and go to banks," he said.