EUR 45.5 million to be spent in support to farming sector

  • 2020-04-08
  • LETA/TBT Staff

RIGA - EUR 45.5 million will be spent in support to the farming sector, reducing the impact of the Covid-19 crisis, according to an agreement achieved in the workgroup led by Finance Minister Janis Reirs (New Unity) for support to business and employees.

The sum will come from the contingency funds and be allocated to the Agricultural Ministry.

EUR 35.5 million will be earmarked as support to primary farmers, companies producing agricultural and food products, as well as companies and institutions, providing catering services in edcuational institutions.

EUR 5 million will be used to compensate for interest rates on loans to ensure liquidity of companies and allowing implementation of the launched investment project for the Latvian Rural Development Program for 2014-2020. Another EUR 5 million will be allocated to ensure availability of financial resources to farmers.

According to Reirs, about EUR 4 billion will be available in support to deal with consequences of the Covid-19 crisis.