Nearly 100 individuals to receive state-owned real estate at symbolic price, Gov’t loan repayment

State-owned real estate will be handed to 98 individuals for the symbolic price of 1 GEL, in addition to registration of their ownership and repayment of loan interests from the state, the Government announced on Monday.

The citizens will acquire the estate in the form of direct sale, with their existing real estate in the city of Rustavi - located outside capital Georgia - to be formally recognised.

The decision was announced following the weekly Government meeting on Monday, in which it was also decided the state will be ready to repay interest on loans issued for the purpose of growing annual crops.

For this purpose, the maximum annual interest rate of the loan has been set at 18 percent, while the loan amount per beneficiary has been estimated at 5,000 to 100,000 GEL ($1,550 to $31,100/€1,400 to €28,100).

The co-financing may be received by citizens of Georgia, individual entrepreneurs and legal entities registered in accordance with the legislation, with financial institutions able to issue loans until October 31, 2022.

A separate programme will be implemented to support agricultural cooperatives.

Under the state programme for co-financing savings enterprises for agricultural cooperatives, the Rural Development Agency provides co-financing for storage and refrigeration infrastructure, used only for storing vegetables and potatoes.