Nearly BGN 1 million were Provided to Farmers for Insurance

Business » INDUSTRY | September 6, 2017, Wednesday // 11:58| Views: | Comments: 0
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Bulgaria: Nearly BGN 1 million were Provided to Farmers for Insurance inews.bg

State Fund Agriculture paid BGN 996 645 for 299 contracts concluded under the state aid scheme for co-financing of insurance premiums for agricultural products. A total of 371 applications amounting to a total of BGN 1,822,427 were submitted during the admission period. The deadline for the submission of insurance policies in the Departments "Implementation of Support Schemes and Measures" (SPMP) of the Regional Directorates of the SFA is 29 September. The deadline for the conclusion of the contracts with the Fund and the disbursement of the funds is 15 December 2017.

Total declared support areas under the scheme are 9 345.78 hectares. Of these, the fruit gardens are 3,402.03 hectares, and the vegetable are 1,671.81 hectares. 2,756.54 hectares are insured, sown with essential oil crops. Also declared as aid are 1 515.40 hectares of tobacco. The purpose of the aid is to encourage small and medium-sized enterprises, farmers who grow fruit, vegetables, essential oil crops and tobacco for voluntary insurance of agricultural products against natural disasters and other adverse climatic events, partly offsetting the costs of concluding insurance policy. The maximum amount of support is up to 65% of the value of the insurance premium.

Farmers may benefit from the co-financing of insurance premiums on insurance of agricultural products until the end of the year 2020 when the scheme ends. By a decision of the Management Board of the State Agricultural Fund, held on 6 July 2017, the total amount of support for farmers in this year increased from BGN 1.5 million to BGN 2.5 million. The increase gives the opportunity to a larger number of farmers to benefit from the aid.

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