The Government of the Azores, through IROA S.A., and BANIF signed today the accession protocol of this financial institution to the Incentive Scheme for the Purchase of Agricultural Land (RICTA). All islands will have an office of the banks that have joined this subsidised line of credit, which is exclusively funded by regional funds.

 This unique nationwide programme was renewed by the Regional Government in 2014. Since its inception, RICTA has already help Azorean farmers to acquire 1,500 hectares of agricultural land, of which 140 were purchased in recent months, involving a global investment of 20.7 million Euros.

 Speaking on the sidelines of the signing of the protocol, the Regional Secretary for Agriculture and the Environment stressed the importance of the collaboration with banks, which provides Azorean farmers with a very important tool to resize their farms.

 Luís Neto Viveiros pointed out the fact that this support scheme is only available in the Azores "clearly demonstrates the concern of the Regional Government" to "contribute to the greater competitiveness" of farms, taking into consideration their size and the dispersion of fields.

 In addition to the subsidised interest rate for the loans granted by the adhering credit institutions for that purpose, beneficiaries will be awarded a non-repayable subsidy on the amount of the revised assessment.

 Tenants, co-owners and owners of enclosed and adjacent land plots wishing to acquire or exchange the respective land plots through a subsidised interest rate are eligible beneficiaries to RICTA.

 The credit institutions that have joined RICTA are the following: Caixa de Crédito Agrícola Mútuo dos Açores, Caixa Económica da Misericórdia de Angra do Heroísmo, Novo Banco dos Açores, Caixa Económica Montepio Geral and Banif.