Loan fairs to be held in Azerbaijan’s regions

Business Materials 3 April 2009 16:48 (UTC +04:00)

Azerbaijan, Baku, April 3 / Trend , N.Ismayilova/

A loan fair will be held in Azerbaijan's Ganja-Gazakh region, Agrarkredit non-banking loan organization chairman Mammad Musayev said on April 3.

The Ministry of Economic Development, National Entrepreneurship Support Fund (NESF) and Agrarkredit are organizers of the fair.

"The organizers issued 500,000 manat to financial micro loans," Musayev said. "At present we received applications for loans which are planned to be issued at least to 10-15 entrepreneurs."

The NESF's loans are issued under preferable conditions with 7 percent of interest rates. Moreover, a maximum amount of one loan will be 20,000 manat in this region.

"Perhaps, interest rates on loans may be cut, because the government has not yet passed a final decision and it may be cut to 6 percent of interest rates," Musayev said.

It is also planned to hold the same fair in Guba-Khachmaz region.

The Azerbaijani Finance Ministry is a key shareholder of Agrarkredit. A total of 99.9 percent of stakes of the loaning organization belong to the ministry and the remained was equally distributed between Azersigorta state insurance company and "Reclamation and Water Economy" Open Joint Stock Company (OJSC).

On April 3, the official exchange rate is 0.8028 manat to $1.

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