Bank NIKOIL Announces Results of Micro Crediting Program to Farmers
Azerbaijan, Baku, 4 March / Trend / Bank NIKOIL, which has been implementing micro-crediting since July 2007, reported the volume of allocated micro-credits in the sum of AZN 2.9mln.
Some 4,495 farmers which united into 267 groups of solidarity debtors received credits. In total, the program covers 91 villages in Agdam, Agjabadi, Astara, Gabala, Barda, Gabala, Lankaran, Yevlakh, Masalli, Samukh, Tartar, Tovuz and Khanlar regions.
Credits are allocated at a 25% or 26% rate.
The further plans of NIKOIL bank was considered during the consultation dedicated to the results of work on micro-crediting to farmers in Yevlakh on 1 March. A decision was taken to form credit portfolio in sum of AZN 5mln to farmers. The necessity to expand these products for farmers was considered.