Farmers shall receive UAH 300 million for reduction of loan interest rates

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The Cabinet of Ministers of Ukraine agreed to allocate UAH 300 million of budget funds for financial support of the activities in the agricultural sector through the cheapening of credits.

The funds will be used for reducing of the loan interest rates for small and medium agricultural enterprises, as informed Minister of Agrarian Policy and Food of Ukraine Oleksii Pavlenko.

The Minister highlighted that this will allow the agricultural producers, as it was in the previous year, to attract UAH 7.8 billion in credits in the framework of a state program on refund of loan interests.

This compensation will affect the interest rates on loans, attracted for covering such costs as procurement of combustible and lubrication materials, seeds and fertilizers, plant protection products, feed, veterinary preparations, young stock of animals and poultry, equipment for livestock farms and complexes etc.

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“The allocation of loan funds will create favorable conditions for attraction of bank credits and will enable the agricultural entities to receive the governmental support on loans, thus improving the financial condition of farmers”, Oleksii Pavlenko stressed and added that the issue of distribution of funds was fully decentralized and the decision was made on the regional level.