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Emergency Agricultural Credit: 118 Approved Applications in One Month

Within a month since the initiation of the Emergency Agricultural Credit, 126 applications have been received from farmers. As per the Ministry of Agriculture and Food Industry (MAIA), 118 of these applications have already been approved.

According to the information provided, the program, which facilitates the provision of credits of up to 500 thousand lei to each applicant, has garnered a total request of approximately 40 million lei thus far.

Small and micro farmers engaged in cereal cultivation can access credits with a maximum value of 500,000 lei, backed by a state guarantee of up to 90%. Additionally, individuals with credits classified as substandard, in accordance with the regulations of the National Bank of Moldova (NBM), can also avail themselves of this facility.

To avail themselves of this credit facility, farmers are required to approach commercial banks, following which their applications undergo assessment based on the individual procedures of the respective bank. Furthermore, the process for obtaining state guarantee is also conducted through these banks, as specified by MAIA in a press release.

The availability and functionality of the agricultural credit program are guaranteed until May 31, 2024.

Translation by Iurie Tataru

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