Decree Law No. 77/2020
- Issuer: Presidency of the Council of Ministers
- Diploma Type: Decree Law
- Number: 77/2020
- Pages: 22 - 27
Summary in plain english
This Decree-Law creates a line of credit with subsidised interest rates, aimed at entities dedicated to the cultivation of products affected by the bad weather in the northern and central regions of the country (snowfall, hail and frost).What is going to change?
A line of credit, with subsidised interest rates, is being created todeal with the storms that took place from 31 March to 2 April, 15 April to 19 April, and 30 to 31 May, which caused enormous losses in the production of fruit, vegetables, olive groves and vines.
The credit is that granted in the form of a repayable loan, the total amount of which may reach 20,000,000.00€.
The amounts of credit to be granted are allocated in order of date of submission of applications to the Institute for the Financing of Agriculture and Fisheries (IFAP).
IFAP is responsible for monitoring and supervising the conditions of access to this line of credit.What advantages does it bring?
By creating this line of credit, this Decree-Law allows producers to overcome the cash or working capital difficulties caused by the aforementioned storms.When does it enter into force?
This decree-law enters into force on the day following its publication.
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