In the last week, new line of lax credit was opened in all banks of the country for manufacturers of agricultural products. To date, already over thirty Peasants’ Associations took advantage of it. New order of issuance of lax credits was worked out by the Central Bank in accordance with the Resolution of the President of Turkmenistan “On financial support of manufacturers of agricultural products” dated from March 6, 2013. Lax credit is issued for purchase of agricultural machinery, instruments and devices, water saving technique, equipment, irrigation water supply systems within 10 years on terms of annual repayment in equal shares proceeding from their operating time with annual rate in 1%. Financing of agricultural investment projects connected with the development of cattle-breeding and poultry farming, production and processing of agricultural products and rendering the services as well as purchase of permanent assets and property within 10 years under 5% a year is also liable to new type of lax crediting.
Moreover, the lax crediting program includes the Agricultural research institutions. Owing to it, additional stimulus will be attached to research work, which is carried out on the basis of the Research Institute in the field of seed farming, sort testing, selection, elaboration of high-performance methods of irrigation, care, cultivation of crops and others.
The credits are issued in cashless form by opening of certain line of credit and loan account, and payment of remittance orders of the agricultural manufacturers from this account in compliance with fixed purposes. Landowners and leaseholders are able to obtain a credit by cash if their purpose is the purchase of cattle, poultry, seedlings and seeds from population. In case of need, a grace period can be determined for all credits of this order.
For obtaining of credit, the Peasants’ Associations and Agricultural Research Institutes have to get and submit to the bank a conclusion on compliance of the purchased agricultural and water supplying technique with the local soil and climatic conditions. “Turkmenobahyzmat” Association of Joint-stock societies on production and technical service of the agriculture as well as Ministry of Water Economy of Turkmenistan are authorized to issue this conclusion. Main purposes of the state support of the manufacturers of agricultural products are the introduction of innovations into agriculture, rational use of the leading methods and modern technologies, including development of unused lands, further improvement of living conditions of rural population, creation of new working places as well as increase of incomes of the agricultural manufacturers.
Direct and close cooperation of the agricultural manufacturers with the banking structure of the country – the banks of the capital, their branch offices located in the provinces and etraps of the country is practiced over five years. The policy aimed at all-round development of agro-industrial complex contributes to the successes of the agricultural sector.
Moreover, the lax crediting program includes the Agricultural research institutions. Owing to it, additional stimulus will be attached to research work, which is carried out on the basis of the Research Institute in the field of seed farming, sort testing, selection, elaboration of high-performance methods of irrigation, care, cultivation of crops and others.
The credits are issued in cashless form by opening of certain line of credit and loan account, and payment of remittance orders of the agricultural manufacturers from this account in compliance with fixed purposes. Landowners and leaseholders are able to obtain a credit by cash if their purpose is the purchase of cattle, poultry, seedlings and seeds from population. In case of need, a grace period can be determined for all credits of this order.
For obtaining of credit, the Peasants’ Associations and Agricultural Research Institutes have to get and submit to the bank a conclusion on compliance of the purchased agricultural and water supplying technique with the local soil and climatic conditions. “Turkmenobahyzmat” Association of Joint-stock societies on production and technical service of the agriculture as well as Ministry of Water Economy of Turkmenistan are authorized to issue this conclusion. Main purposes of the state support of the manufacturers of agricultural products are the introduction of innovations into agriculture, rational use of the leading methods and modern technologies, including development of unused lands, further improvement of living conditions of rural population, creation of new working places as well as increase of incomes of the agricultural manufacturers.
Direct and close cooperation of the agricultural manufacturers with the banking structure of the country – the banks of the capital, their branch offices located in the provinces and etraps of the country is practiced over five years. The policy aimed at all-round development of agro-industrial complex contributes to the successes of the agricultural sector.
