Belgrade –  "As of mid-June, farmers under the age of 40 will be offered loans for the purchase of arable land for a period of 20 years," Line Minister Branislav Nedimovic said.  

"The loans with favorable interest rates will be extended, which will most likely be from 1.9 to 1.95 percent," Minister Nedimovic said.

In an interview granted to the “Politika” daily, he said that a Memorandum with the Postal Savings Bank should be signed at this year's Agriculture Fair and that the loan details would become known then.

According to him, the maximum amount of the loan would most likely be between 50,000 and 60,000 euros.

"The priority will be given to young farmers, while if there is a surplus of money, other farmers, too, will be able to apply," Minister Nedimovic said.

These loans will most likely be approved without any cash contributions made by the applicants, while the guarantee would be a mortgage on the purchased piece of land. 

“In this manner, farmers will, for now, be able to buy only the land in private ownership. After changing the land law, the same arrangement could be offered for the purchase of state plots, "Minister Nedimovic said.

Source: “Politika” daily and Coordination Body