Azerbaijan, Baku, March 16 / Trend U.Ismayilova /
The non-banking credit organization Agrarcredit intends to support the development of lending in the field of agriculture, NBCO Board Chairman Mammad Musayev said today at the news conference. "Azerbaijan attaches special attention to agriculture, but despite this the share of lending in agriculture in 2009 was only 4.7 percent of total lending in the country" he said.
According to him, Agrarcredit takes special measures, offers specific recommendations for banks and international financial institutions to increase lending in the agricultural sector of the economy.
Development of the regions is one of the main activities of the NBCO, which allocates loans primarily to small and medium entrepreneurs through 46 offices and 12 branches.
Musayev said about 500,000 manat has already allocated in the regions of Davachi, Siyazan and Khizi under the project on "Development of the north-eastern regions of the country" of the International Fund for Agricultural Development (IFAD).
Under this project, the IFAD will also issue another 4mln manat for lending in Ganja, Shamkir and Gazakh regions. In general, these funds will be directed on crediting of small entrepreneurs, he added.
According to him, currently Agrarcredit's repayment on loans is 97 percent.
Agrarcredit's major shareholder is the Azerbaijani Finance Ministry, which owns 99.9 percent of the loan organization's stocks. The rest were equally distributed between the Azer Sigorta state insurance organization and the Melioration and Water Resources OJSC.
As of jan.1, 2010, the organization's authorized capital hit 18.5 million, assets - 25.3 million manat and the loan portfolio - 16 million manat.
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