Bank of Valletta is introducing a new package to support agricultural and rural development projects eligible for EU funding.

The package offers part-time and full-time farmers, as well as producer and network organisations, the opportunity to implement projects that benefit from the EU Structural Funds for 2007-2013.

Those applying for funds will receive reimbursement for a substantial amount of their costs from EU Structural Funds, the Maltese government and the EU. The remaining funds may be financed by the customer through bridge and co-financing, an area of expertise that BoV is making readily available to the sector.

By introducing this new product the bank will be covering up to 85 per cent of total costs through bridge financing and co-financing opportunities, thereby helping alleviate possible cash flow problems.

The BoV 4 Agriculture financing package is being offered at advantageous interest rates with a repayment term of up to five years for the purchase of machinery, and up to 20 for other fixed assets investments.

The product also includes a six-month moratorium from the date of the first drawdown on loan balances.

For more information, customers can visit any BoV branch, call the customer service centre on 2131 2020 or log on to the BoV website www.bov.com. All loans are subject to normal bank lending criteria and final approval from BoV branches.