Azerbaijan, Baku, May 3 / Trend, A. Akhundov /
The Azerbaijani Central Bank (CBA) is considering the creation of a specialized agrarian bank, CBA chairman Elman Rustamov said at the 43rd conference of the Central Committee of the International Confederation of Agricultural Lending (CICA) in Baku today.
"Today, the Azerbaijani economy is facing great challenges," he said. "Agriculture plays an important role in it. Today, universal banks are the main ones rendering banking services to agriculture in Azerbaijan. Microfinance organizations are rapidly developing in the regions. There are different models for increasing support from the financial sector for agriculture with different public and private combinations in the world. Currently we are studying the international experience."
He added that some 38 percent of the Azerbaijani population is engaged in agriculture.
"This sector has been provided with substantial public support," he said. "Today, agricultural producers have been provided with the funds worth $1 billion on preferential terms through state funds."
Chairman of the board of "Aqrarkredit" non-bank credit organization Mammad Musayev is the organizer of the conference. Over 60 guests from 11 world countries attend the event.
The prospects of developing the Azerbaijani banking sector, the world's agricultural business which was damaged during the global financial crisis, rural tourism and so on were discussed at the meeting. The conference will close on Saturday.