Turkmenistan to Sign Loan Agreement With Deere Credit Inc.

BUSINESS TURKMENISTAN
Turkmenistan to Sign Loan Agreement With Deere Credit Inc.
Turkmen President signed a Resolution on financing the cost of agricultural machinery and equipment for buyers - entrepreneurs - individuals and legal entities.

Turkmenistan is carrying out large-scale reforms in the agricultural sector aimed at increasing the participation of the private sector in agriculture and further consolidating the technical base of the industry.

According to the TDH news agency’s Friday report, President of Turkmenistan Gurbanguly Berdimuhamedov during a meeting of the Cabinet of Ministers signed a Resolution on financing the cost of agricultural machinery and equipment for buyers - entrepreneurs - individuals and legal entities.

In accordance with the document, the State Bank for Foreign Economic Activities of Turkmenistan is authorized to:

- on behalf of the Government of Turkmenistan, the recipient of the loan, to work with the Deere Credit Inc. (USA) to prepare the necessary documents related to the loan agreement, to carry out operations related to their entry into force, to finance 85 % of the cost of agricultural machinery and equipment purchased by entrepreneurs - individuals and legal entities - from John Deere Walldorf GmbH & Co.KG;

- to enter into internal credit agreements for up to seven years with banks servicing entrepreneurs - individuals and legal entities purchasing agricultural machinery and equipment.

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