Supervision Council to Ratify Strategic Development Plan for Azerbaijani Agricultural Bank

Business Materials 1 December 2007 14:22 (UTC +04:00)

Azerbaijan, Baku / Trend corr. I.Khalilova / The meeting of the Supervision Council of the non-bank Agrar-credit organization was postponed. It is expected to ratify the strategic development plan for further five years after becoming an agricultural bank.

Under the plan it is planning to reach the credit portfolio of the bank to AZN 98mln for five years.

The limits on Agrar-credit invests will be lifted after receiving the complete bank license. The deposit portfolio of the organization is planning to reach to AZN 70mln. The number of branches of the organization will be increased from the current 12 to 25.

The agenda of the discussion includes the premium system, as well as instructions on loan allocation within the framework of the International Fund of Agricultural Development (IFAD) project. About $500,000 is planning to allocate for development of Khizi, Siyazan, Divichi and Absheron regions of Azerbaijan. The total cost of the project makes up $25,148mln.

The key shareholder of Agrar-credit is the Azerbaijani Finance Ministry, which possess 99.9% organization's shares.