Банкеръ Weekly

Briefs

AGRICULTURE FUND'S BUDGET FOR 2002 APPROVEDD

At its session on January 29 the Management Board of the Agriculture Fund approved its budget for 2002, amounting to BGN70MN. The Republican Budget will provide BGN47MN of that amount. BGN20MN is intended for direct subsidies and another BGN25MN - for long-term and short-term credits, Agriculture Fund's Executive Director Assen Droumev specified.For the first time the fund's management has earmarked BGN500,000, to be granted as free financing to investment projects, aimed for growing perennial plants in the mountainous and hilly regions. BGN5MN is intended for stockbreeding under the same item, and BGN10MN is intended for plant-growing and purchase of agricultural equipment each.The credits will be again released under agreements with the commercial banks. A new condition has been introduced only for the cultivation of agricultural crops. It stipulates that up to 100 dca should be under vineyards and vegetables, and up to 50 dca - under medicinal plants.Loans will be approved not only for the purchase of planting material, but for specific equipment as well, Mr. Droumev explained. Projects for the purchase of agricultural machines will be again financed under the so-called guarantee credits. Their amount will depend on the purchase price of the equipment, including VAT. There will be six major credit lines for the spring campaign. BGN8MN has been approved for the purchase of fertilizers, of which BGN6MN in credits and BGN2MN in subsidies. BGN6MN has been earmarked under the credit line for the purchase of herbicides - BGN4.5MN in credits and BGN1.5MN in subsidies. BGN1.8MN will be extended for the purchase of corn sowing-seeds - BGN1,350,000 in credits and BGN450,000 in subsidies. More funds than last year have been projected for promoting the production of oil-bearing sunflower. The credit line will total BGN2.5MN - BGN1,250,000 in credits and the same amount in subsidies.

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