The economic entities working in the winemaking sector can access funds for purchasing technical sorts of grapes from the loan of the European Investment Bank ((EIB) through the program for restructuring the winemaking and winegrowing sector “Wine Way”. The Ministry of Agriculture and Food Industry announced that the EIB approved the allocation of €10 million for financing the purchase of grapes from local producers.
Under the requirements stipulated by the EIB, financing is granted to winemakers that earlier benefitted from loans within this program. An applicant can get at most €600,000 or at most 50% of the sum of the purchase contracts. The funds will be used exclusively for buying grapes from local grape growers. The applicants must present the standardized purchase contracts signed with grape producers to the Program Implementation Unit and fill out the participation form.
One winemaker can present one or several contracts for the purchase of technical sorts of grapes. The loan is repayable in five years, with a grace period of two years, at an interest rate that will be set by the Ministry of Finance based on market conditions. If a recipient does not transfer the sum received from the EUB funds and the own contribution to the grape growers during the terms set in the purchase contract, this will be obliged to immediately pay back the loan to the Ministry of Finance for reallocation.
