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Olive production in TRNC gets big boost

1 February 2013

Yesterday the Minister for Economy and Energy, Sunat Atun, representatives of The Olive Growers Association and Iktisat Bank met to publicise a big push in developing the olive industry.

Mr Atun said that it was essential to produce quality olives at a consistent standard and then sell these to new markets. He stressed that this would be important for employment and bringing in foreign exchange.

He continued by saying that his Ministry would be helping to realise the potential of the olive. The first step of their plan was the introduction of low interest loans and grants. He appreciated that to meet European standards of quality the industry, would need modern machinery and other equipment. So 2% interest working capital loans were now being offered with a limit of TL 250,000. There would be further loans and grants offered during the year.

Iktisat Bank has been involved in setting up this joint plan and will be providing the low cost financing.

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