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President Irfaan Ali last Saturday announced that from August loans to poultry farmers from commercial banks will now be reduced by five percent, an initiative aimed at developing the industry and advancing Guyana’s food security agenda.
Ali explained that following weeks of discussions with Citizens Bank, Republic Bank, Demerara Bank and GBTI, an agreement was reached to reduce the interest rate on loans to the poultry industry from eight percent to five percent.
For persons who have existing loans at these banks, this new interest rate will be reflected in August, and for those who want to acquire new capital, this is a new interest rate.
The President explained that this reduction is a direct result of the Government’s move to remove corporate income tax from interest income earned by commercial banks on loans granted to the poultry sector.
Ali’s announcement is a response to clamouring by poultry farmers for financial relief.