VTB Bank, within the framework of the preferential agro lending program, has funded the cultivation of intensive apple orchard in the village of Ruisi, Kareli district, for a total of 100,000 GEL. Under this program, the state is to finance 11% annual interest rate on the loan for 66 months. With the funds allocated by the bank, 5000 seedlings were purchased from Italy, allowng to harvest the first crops in 2 years, with the yield of the orchard to increase up to 40-50 tons per hectare in the following 4-5 years. The grown apples will be marked mainly in the existing retail chain of Georgia. Furthermore, with another 35 000 GEL loan granted by VTB Bank under the same preferential agro lending program, the client was able to purchase a tractor and agricultural machinery to farm his agricultural land plots.
Apart from apple orchards, the 28-hectare farm grows cabbage, sweet pepper, tomatoes, onions and plums.
"VTB Bank has been actively cooperating with the entrepreneur Besik Baliashvili since 2012. He is the owner of the above farm in Ruisi village, Shida Kartli district. This time, the aim of our collaboration was to plant an intensive apple garden and to purchase the agricultural equipment. We are glad that we were able to provide funding for another important project in the agricultural sector," - said Shmagi Bregadze, Head of Agribusiness line of VTB Bank.
"There is a great demand for apples in the local market of Georgia. Besides, Georgian apples have great export potential, so I decided to start growing this crop. I have been cooperating with VTB Bank for many years now, and consider it very important to have constant, stable support from the Bank, as it provides more opportunities for business development," said the entrepreneur Besik Baliashvili.