BELGRADE (Serbia), January 24 (SeeNews) - Serbia will provide zero-interest loans to farmers to help them buy nitrogen fertilizers whose prices soared recently, agriculture minister Branislav Nedimovic said on Monday.
The government will sign a contract with up to 10 commercial banks, pledging to subsidize the interest on loans to farmers, Nedimovic said in an interview with private broadcaster TV Prva.
The lenders will offer loans with terms of up to three years and a grace period of up to 12 months. To combat the price hikes, Serbia has also removed the 10% customs duty levied on fertilizer imports from developing countries.
"Fertilizer prices have soared and that's a global trend. We can't be an oasis," Nedimovic said. "However, there will be enough fertilizers."