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Kyrgyz farmers to be able to give yield in pledge to get loan from bank

Farmers in Kyrgyzstan will be able to give yield in pledge to get a loan from a bank. The Economy Minister Artem Novikov told today at a session of Parliament.

Deputies are considering the bill On commodity warehouses and warehouse certificates. The document provides for the legal regulation of relations arising in connection with the issue of a warehouse certificate.

In other words, farmers will be able to give the harvest for storage, and this yield can be a pledge when obtaining a loan from a bank.

«Each warehouse will have to get a certificate. We do not impose restrictions for warehouses. There will be certain requirements for those entrepreneurs who are ready to participate in the program,» Artem Novikov said.

According to the minister, the lack of regulation of the activity of commodity warehouses that issue warehouse certificates leads to the fact that at present lending on the pledge of agricultural products is qualified as highly risky.