IFAD to Allocate Last Privilege Credit to Azerbaijan
Azerbaijan, Baku / Trend corr. I.Khalilova / The International Fund of Agricultural Development (IFAD) informed the Azerbaijani Government of its readiness to allocate the last privilege credit to develop the agriculture in the country. The Government can rely on commerce financing by IFAD, Razim Valiyev, the Director-General of the State Agency on Agricultural credits at the Azerbaijani Agricultural Ministry, said.
IFAD allocated only finance privilege credits for 40 years with 0.75% per year.
The refusal to allocate credits to finance agriculture is connected with the rapid development in the country, Valiyev said. In order to receive the last credit Azerbaijan has developed a project and it is assessed at $30mln. "There is no another country to have received such a large amount of credit," Valiyev said.
The initial type of the project the State Agency submitted to the Government to consider. The meeting of IFAD Council of Directors will be held on 11 and 12 December.
The project will cover Shamkir, Tovuz, Agstafa and Gazakh regions of Azerbaijan. Furthermore, it is planning to allocate $4mln for crediting to farmers in the region; $1mln will be directed to micro crediting and $3mln to commerce crediting.
The implementation of the project, according to Valiyev, may be launched from 2008 if the project will be approved in December. Up to now the Country received three credits at a total sum of $31,4mln from IFAD.