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Azerbaijan changes terms of agricultural equipment lease

Business Materials 7 January 2011 14:50
The Azerbaijani Cabinet of Ministers has amended the terms of lease for farm machinery and processing equipment through the state leasing company Agrolizing.
Azerbaijan changes terms of agricultural equipment lease

Azerbaijan, Baku, Jan. 7 / Trend U.Ismayilova /

The Azerbaijani Cabinet of Ministers has amended the terms of lease for farm machinery and processing equipment through the state leasing company Agrolizing.

According to the new conditions, legal and physical entities, who lease agricultural machinery and technological equipment from Agrolizing, must pay 10 percent of their value in the form of payment and the rest would be paid for nine years, after the entities start to make payments a year after the prepayment.

Previously, if the equipment cost over 40.000 manat, deposit was 10 percent and at a cost of up to 40,000 manat, it was 20 percent.

The amendments have been made based on suggestions from the Ministries of Agriculture, Economic Development and Finance to accelerate the leasing of agricultural machinery and technological equipment owned  by Agrolizing.

JSC Agrolizing was established in Oct. 2004 and is part of the Agriculture Ministry. The organization has a service center in 55 regions of the country.

In 2011, the state budget for Agrolizing will be allocated 35 million manat. Of these, 12 million manat will be spent on the purchase of tractors and agricultural equipment, while 12 million manat will be spent on mineral fertilizers and 11 million manat on technological equipment.

The official exchange rate is 0. 7977 manat to $1 Jan. 7.

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