SBV to give loans to high-tech agricultural projects

Thursday, Dec 18, 2014 16:41

An Giang has focused on developing eight groups of farm produce, including rice, vegetables, fisheries and fruits. — Photo
AN GIANG (Biz Hub) — The State Bank of Viet Nam's An Giang branch will give VND3,000 billion (US$142.8 million) to high-tech projects in agriculture in the southern An Giang province.

Announcing this in a meeting here on December 17, the bank's branch Director Le Trong Nghia said that the fund will be available for the owners of high-tech agricultural projects, as approved by the provincial leaders.

The borrowers will enjoy a maximum interest rate of seven per cent on short-term loans and 10.5 per cent per year on medium-term and long-term loans.

Priority will be given to owners who are provided training in applying advanced technology in agriculture.

Phan Van Sau, secretary of the An Giang provincial party committee, lauded the contribution that the bank has made to its agricultural and rural development sector.

Sau added that the province will create convenient conditions for the bank and borrowers to effectively use the fund, and develop the provincial agriculture sector.

An Giang has focused on developing eight groups of farm produce since 2012, including rice, vegetables, fisheries and fruits. The province has 22,200ha of large fields for rice cultivation and 35ha for planting medicinal herbs. Farmers earn VND25 million ($1,190) per ha of medicinal herbs and more than VND200 million ($9,523) per ha of banana trees. — VNS

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