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Azerbaijani NBCO finances 14,000 entrepreneurs

Business Materials 12 September 2011 12:13
AqrarKredit non-bank credit organization issued loans worth 4.05 million manat to 608 business entities for the first eight months of 2011 through rural lending, the official press quotes AqrarKredit Board Chairman Mammad Musayev as saying.

Azerbaijan, Baku, Sept.12 / Trend, A.Akhundov /

AqrarKredit non-bank credit organization issued loans worth 4.05 million manat to 608 business entities for the first eight months of 2011 through rural lending, the official press quotes AqrarKredit Board Chairman Mammad Musayev as saying.

"Some 1.97 million manat were directed at developing the livestock sector, crop sector - 0.31 million manat, and trade and services sector - 1.71 million manat," Musayev said.
In general, he said that so far 6,200 entrepreneurs have been given loans worth 47 million manat for the project.

"In addition, we as an authorized credit organization of the National Fund for Entrepreneurship Support (NFES) under the Economic Development Ministry granted loans worth 10 million manat to 853 entrepreneurs," Musayev said.

Since the WB project on the privatization of farms was launched in 1998, for which the credit component has been carried out by AqrarKredit over nine years, 5,770 farms in Azerbaijan have received loans amounting to 11.1 million manat.

In addition, he said that within the North-East Development Project funded by the International Fund for Agricultural Development (IFAD), 362 business entities in the regions of Khizi, Siyazan and Shabran and a group of borrowers were granted loans worth one million manat. Within the North-West Rural Development project, 521 groups of borrowers and individual entrepreneurs were granted loans worth 1.4 million manat.

In general, AqrarKredit issued loans amounting to more than 71 million manat to 14,000 entrepreneurs functioning in rural areas.

The official exchange rate for Sept. 12 is 0.7865 manat to $1.

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