Azerbaijani non-bank organization Agrarkredit negotiates to draw foreign loan

Business Materials 3 April 2009 20:06 (UTC +04:00)

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

The Azerbaijani non-bank loan organization Agrarkredit intends to draw roughly $10 million from the international financial institutes to loan agricultural sector, Mammad Musayev, chairman of Agrarkredit board, said on April 3.

"We negotiate with the International Finance Corporation to draw these funds. Austrian Raiffeisen Bank also showed its interest," Musayev said.

The government also holds talks on attraction of preferential financing for agricultural sector with the World Bank, the International Fund for Agricultural Development (IFAD), the International Finance Corporation and other organizations.

Agrarcredit's principal shareholder is the Azerbaijani Finance Ministry owning 99.9 percent of the loan organization's stocks. The rest part was equally distributed between Azer Sigorta state insurance organization and Melioration and Water Resources OJSC.

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