News

Provided 1.5 trillion won in feed purchase funds to livestock farms in South Korea, the interest rate was also cut to 1.0%

Meat
South Korea
Published May 31, 2022

Tridge summary

The Ministry of Agriculture, Food and Rural Affairs announced on the 30th that through the second supplementary budget for 2022, it will provide 1.5 trillion won in feed purchase funds to livestock farmers. Specifically, livestock farms are expected to receive new support of 355 billion won and 1.145 trillion won of special feed purchase funds through the existing farmhouse feed direct trade revitalization project. The special feed purchase fund support is provided as a secondary conservation method, and farmers pay 1.0% lower than the existing feed fund interest rate of 1.8%. The loan is deferred for two years and is subject to a one-time repayment condition. In relation to the farmhouse feed direct trade revitalization project, the interest rate will be cut from 1.8% to 1.0%. As a result of this measure, foreign trade in feed is expected to be converted into cash transactions, reducing the interest burden worth 165 billion won in total. The number of farms eligible for support will also increase from about 7,000 to more than 30,000. Each farm can borrow up to 600 million won for Korean beef, cows, pigs, poultry, and ducks, and up to 90 million won for other livestock such as bees.

Original content

(Seoul = Yonhap News) Reporter Lee Young-seop = The Ministry of Agriculture, Food and Rural Affairs announced on the 30th that through the second supplementary budget for 2022, it will provide 1.5 trillion won in feed purchase funds to livestock farmers. Specifically, livestock farms are expected to receive new support of 355 billion won and 1.145 trillion won of special feed purchase funds through the existing farmhouse feed direct trade revitalization project. The special feed purchase fund support is provided as a secondary conservation method, and the farmer pays 1.0%, which is lower than the existing feed fund interest rate of 1.8%. The loan is deferred for two years and is subject to a one-time repayment condition. The interest rate will also be cut from 1.8% to 1.0% in relation to the farmhouse feed direct trade revitalization project. As a result of this measure, foreign trade in feed is expected to be converted into cash transactions, reducing the interest burden of a ...
Source: Yna
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