Basisbank is actively involved in the state program of preferential agricredit. The Bank has provided funding for many important and successful agricultural projects over the last decade.
Considering the challenges in the nut business, the state has developed a new program for nut farmers. The program allows farmers to use preferential agricredit to finance their working capital. The loans are co-funded by the state at 8% for a period of 12 months. The loans are issued only in GEL and the volume is GEL 2000 per hectare.
The purpose of preferential agricredit is to cover the costs of pesticides, organic and mineral fertilizers, biological plant protection, labor resources, rental of agricultural machinery and fuel/lubricating materials.
"Basisbank has been involved in the program since the first day, providing financial support for agricultural projects. We are ready for new challenges in the future on our path to support the development of agribusiness, as we believe it is one of the prerequisites for strengthening the national economy. It is very important to obtain a high-quality harvest of hazelnuts, one of the priority export products for our country. Addressing the challenges in this sector will automatically lead to an improvement in quality and an increase in the sale price of the products," said Shmagi Bregadze, head of Basisbank's Agribusiness unit.
