Turkmenistan has approved a new procedure for providing preferential loans to agricultural producers. Financing will be available for the purposes specified in the document at an annual interest rate of 1%, with loan terms of up to 10 years.

Preferential loans are intended for the purchase of agricultural machinery, implements and equipment, including excavators, bulldozers, water-saving equipment, irrigation pipelines and transformers. Financing may also be allocated to the development of livestock and poultry farming, as well as to projects involving the production and processing of agricultural products.

Eligible applicants include daikhan associations and farms, agricultural joint-stock companies, agricultural research institutes, landowners, land users and tenants, as well as private entrepreneurs engaged in agricultural production.

One of the conditions for obtaining financing is that applicants must contribute at least 15% of the total project cost from their own funds. The lending institution will make a decision on the loan application within 15 working days after the applicant submits the required documents.

The new procedure aims to expand agricultural producers' access to preferential financing, support the modernisation of the agricultural sector, and create favourable conditions for the development of agricultural production and processing in Turkmenistan.