Baku, Azerbaijan, Jan. 8
By Anvar Mammadov – Trend:
Beekeepers in Azerbaijan intend to create their own credit union, Badraddin Hasratov, chairman of the Beekeepers Association told Trend Jan. 8.
“This issue was raised for the first time in a meeting of the Association’s members with Agriculture Minister Heydar Asadov in September 2017,” Hasratov said. “The minister agreed, and active work is being carried out to establish the union. There is a little delay in the document related issues, but I hope that in the near future the credit union will start its work, and beekeepers will be able to receive long-term loans at low interest rates.”
“Initially, we planned to attract funding from the National Fund for Entrepreneurship Support (NFES), but at the meeting, Minister Asadov offered us to use the funds of the State Service for Management of Agricultural Projects and Credits under the Ministry of Agriculture of Azerbaijan,” Hasratov noted. “I think that at the first stage we will attract the funds from the State Service, but we hope we will be able to attract funds from other financial organizations as well in the future.”
There are 76 credit unions operating in Azerbaijan, according to the Financial Market Supervisory Authority.