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VTB Bank Increased Portfolio of Preferential Agriculture Loan by 14%

VTB Bank Increased Portfolio of Preferential Agriculture Loan by 14%

VTB Bank increased portfolio of preferential agriculture loan by 14% from early this year.

According to the bank, 75 projects are funded as of June 15 with a total volume of 8 million GEL.

Mamuka Kvaratskhelia, head of Project Management Agency notes on the motivation of banks with state co-subsidizing component. He declares that commercial sector has funded less agricultural projects prior to the agro-credits, as it has been considered as a higher-risk segment.

According to the Agency, loans of 48 million GEL were allocated for 657 beneficiaries. Namely, 24 loans of $3.2 million are issued in foreign currency, while US $ 35 000 for working capital (as of 05.2017).