A total of BGN 335 mln will be granted for the setting up of a Guarantee Fund under the Rural Development Programme, announced the Ministry of Agriculture and Food. Yesterday, Miroslav Naidenov and the CEO of the Bulgarian Development Bank, Assen Yagodin, signed an agreement on the establishment of the Fund. The funds will be borrowed and BGN 265 mln of the credit must be reimbursed by the European Commission. The remaining resources will be covered by Bulgarian co-financing.
It is expected for the Guarantee Fund to provide loans worth BGN 1.3 bn, or the entire financial resource for the RDP until the end of 2013, stated Miroslav Naydenov. The loans will be granted under the measures: 121 "Modernisation of Farms", 122 "Improving the Economic Value of Forests" and 123 "Adding Value to Agricultural and Forestry Products". Bulgaria expects a notification from Brussels for the transfer of additional funds under Measure 121, specified the Minister of Agriculture and Food. 80% of the loan will be covered by the guarantee scheme, while 20% will be borne by the beneficiary. These are easier conditions in order for a maximum number of beneficiaries to be able to take advantage of the scheme. Our bank is focusing on small and medium-sized enterprises, said Assen Yagodin. The Fund's guarantee scheme will be effective until the end of 2015.
Text: klassa.bg
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