Banks of Turkmenistan to give beneficial loans to the agrarians for procurement of equipment and investment

The banks of Turkmenistan will give beneficial loans to farmers' associations, agricultural joint stock entities, agricultural research institutes, landowners and leaseholders, private entrepreneurs � manufacturers of agricultural production and non-governmental legal entities. The President of Turkmenistan signed relative Resolution.

Agricultural loans are claimed more by the agrarians in the conditions of import substitution. Such form of the government support of manufacturers of agricultural production stimulates more active implementation of innovations, modern technologies and advance methods into agricultural sector, increase of land fertility as well as promotes the improvement of social and living conditions of rural population and creation of new employment.

According to the document, authorised banks of Turkmenistan are allowed to grant beneficial loans for procurement of agricultural equipment, mechanisms and tools, water saving and irrigation equipment under 1 percent of annual interest with even payback within 10 years; for financing of investment projects related to the development of livestock and poultry farming, processing and services as well as procurement of main means and properties for the period up to 10 years under 5 percent of annual interest.

Source: Turkmenistan: the Golden Age Online Newspaper