Georgian PM holds Cabinet meeting
Georgian PM holds Cabinet meeting

Georgian Prime Minister Irakli Garibashvili today held an Executive Government Meeting.

According to the readout of the government administration, the Cabinet of Ministers considered 14 items included in the agenda of the meeting. In line with a Government Decree, state-owned property will be subject to direct sale for a symbolic price of 1 GEL in view of 58 residents of Rustavi, as they will get title ownership on their actual places of dwelling.

The Government also endorsed a draft decree at its meeting today, according to which interest rate on bank loans issued to farmers with a purpose of cultivating annual crops will be paid by the State.

“Sub-Component will be added to a project branded as a Concessional Agri Credit, within which Rural Development Agency will co-finance 8 percent of the interest rate accrued on bank loans with a purpose of cultivating annual crops during 12 months. Upper threshold on the annualised interest rate is 18%. Within the scope of the referred project, each eligible beneficiary is entitled to get a loan ranging from 5000 to 100 000 GEL. Purpose of the loan issued within the scope of the sub-component covers current expenditures on the procurement of pesticides for seeding and planting materials, organic and mineral fertilizers, bio means of plant protection, labor costs related to the cultivation of annual crops, rental fees charged for the machinery used in farming and horticulture, fuel and lubricants used for the hardware.

Co-financing is readily available for citizens of Georgia as physical entities, sole traders and legal entities registered according to the legislation of Georgia. Financial institutions may issue loans through October 31, 2022.

In addition, in line with the Government Decree, one more program will be implemented in support of the Agriculture Cooperatives. Within the scope of an initiative branded as Co-Financing of Warehouses for Agriculture Cooperatives, Rural Development Agency of Georgia will provide co-financing for the crop storage and cooling infrastructure, which will be designed solely for vegetables – predominantly potatoes. Volume of co-financing for a warehouse facility with a capacity of 500 tons will be in percentage terms up to 80% of the total amount and in absolute terms – up to 450 000 GEL,” reads the statement.