Economy Ministry allocates farmers UAH 190 mln in compensation for agricultural machinery over four months

The Ministry for Development of Economy, Trade and Agriculture of Ukraine has approved the distribution of UAH 189.4 million for farmers who bought domestically produced agricultural machinery for a total of UAH 909.2 million from December 2020 to March 2021, the ministry said on its website.

According to a press release, the distribution of funds took place within the framework of the Financial Support for Agricultural Producers budget program, due to which 1,830 farmers will receive compensation from the state for the purchase of 2,850 units of Ukrainian agricultural machinery.

"The number of agricultural machinery manufacturers with the proper level of localization has increased from 40 enterprises in 2017 to 210 enterprises in 2021, which contributed to the expansion of the number of jobs by at least 5,000," Minister for Development of Economy, Trade and Agriculture of Ukraine Ihor Petrashko said.

He said that the continuation of financing of this program is important for the government, since over the four years of its implementation, agricultural machinery manufacturers have invested about UAH 2.5 billion in this industry to improve product quality and master new types of production. At the same time, the share of Ukrainian-made agricultural machinery for four years increased 2.4-fold, to 36% of the Ukrainian agricultural machinery market, and its range increased 20-fold, to 15,460 units.

The Economy Ministry said that in 2021, some UAH 1 billion of state support is provided under the Financial Support for Agricultural Producers budget program (within partial compensation for the cost of agricultural machinery and equipment of domestic production).

As reported, compensation for the cost of agricultural machinery is provided to farmers on a non-refundable basis in the amount of 25% of the cost of machinery and equipment (excluding VAT).

Source: www.en.interfax.com.ua