SKOPJE, June 21 (Xinhua) -- Around 700 agreements to obtain tractors and other farming equipment are to be signed thanks to a European Union (EU) fund for rural development assistance worth 5.8 million euros(6.7 million U.S.dollars), the Macedonian ministry of agriculture, forestry and water economy said on Thursday.

The EU support comes from the Instrument for Pre-Accession Assistance in Rural Development (IPARD).

"This is a record number of beneficiaries since the launch of the IPARD program. This support will improve the situation at farms and agriculture economies, resulting in increased competitiveness," emphasized Macedonian Agriculture Minister Ljupco Nikolovski.

EU representative Virve Vimpari said the absorption of the IPARD funds depended on the readiness of institutions, farmers, entrepreneurs and controlling authorities.

"The goal of the European assistance is to support Macedonia in its EU accession process and improve citizens' lives," stated Vimpari.

According to Vimpari, IPARD funds are providing 60 million euros towards such initiatives during the programming period from 2014 to 2020. (1 euro = 1.15 U.S. dollars)