Slovakia should get a loan from the European Investment Bank of €120 million for projects under the Rural Development Program for the years 2007-2013. This stems from the financing agreement between the bank and the Slovak Republic, approved by the Cabinet on Wednesday.
The credit line is intended for the co-financing of priority projects and selected measures under the program supported by the European Agricultural Fund for Rural Development in the country, reads the accompanying report of the proposal. The program should contribute to improved competitiveness of agriculture, food industry, and forestry. The funds should be used for reforestation, forest management and protection, and to a lesser extent for agricultural and rural infrastructure. The overall estimated expenses of the program are more than €2 billion, while in addition to the loan from the European Investment Bank, €1 billion should come from EU grants, and €217 million will come from the state budget.
