50 million GEL to be offered to winemakers in the framework of agricultural credits project
Tuesday, September 3A total of 50 million GEL will be offered in the framework of the "Fifth Component". Upon the initiative of Minister of Agriculture, the Fifth Component was added to the preferential agricultural credits project. The project allows 15-month loans to be offered to wine companies and the subsidy budget will reach 25 million GEL. The Agricultural Projects Management Agency says that the credit portfolio can be increased if necessary.
Loans will be issued by Bank of Georgia, TBC Bank, Cartu, VTB Bank, BasisBank and ProCredit Bank. The application was sent to all banks, but only six expressed willingness to participate. These banks have already had the experience of working with wine companies.
The wine companies will be able to take a loan up to 100,000 GEL at 15%, a 100,000 - 1,000,000 GEL loan at 14%, and loans of over one million – at 13%.