Erdogan announces expansion of lending to Turkish farmers

The Turkish government is taking steps towards the comprehensive development of the agricultural sector, Turkish President Recep Tayyip Erdogan said at an event of Ziraat Bank on the promotion of agricultural ecosystems, which took place in Istanbul on January 6, Report informs referring to Anadolu Agency.

The success of the agricultural sector testifies to the correctness of the government’s course to support the agricultural complex, including through lending.

The president announced that the lending limit to support Turkish farmers has been increased to 250,000 Turkish liras (22,644 manats) per farmer, interest rates will be 9.75%, and the term will be up to 36 months.

Ziraat Bank CEO Alpaslan Cakar said earlier that the volume of loans provided by the bank to farmers last year doubled the figures for 2021, increasing from 109 billion Turkish liras to 232 billion Turkish liras.

He noted that lending programs for farmers continue all year round, which contributes to the growth of agricultural production and ensuring price stability. Cakar noted that one of the priority areas for the bank is to support thermal greenhouse projects.