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New packages of microcredits for farmers presented in Azerbaijan

Business Materials 6 November 2020 14:15 (UTC +04:00)
New packages of microcredits for farmers presented in Azerbaijan

BAKU, Azerbaijan, Nov. 6

Trend:

The Agrarian Credit and Development Agency under the Azerbaijani Ministry of Agriculture has prepared new packages of microcredits for farmers, Trend reports citing the ministry.

“These microcredits are intended for agricultural care and the purchase of fertilizers. Microcredits are issued in the amount of up to 15,000 manat ($8,823), for a period of up to one year and with a rate of up to 12 percent,” said the ministry.

“The grace period for loans for agricultural care and the purchase of fertilizers is seven months, during which the farmer pays only interest. When harvesting, half of the principal amount of the loan is repaid in a lump sum, and in the next five months - the remaining amount and interest are repaid in equal parts,” the message said.

According to the report, the grace period for microcredits intended for the purchase of feed is 6 months. The farmer pays only interest on the loan during the grace period and returns half of the loan principal after six months, and in the next six months the farmer pays the remaining amount and interest in equal parts.

“To obtain microcredits for agricultural services and the purchase of fertilizers, farmers must present an identity document, have registration with Electronic Agricultural Information System (EAIS), as well as a land document and a contract with the relevant supplier,” the report said.

To receive any of the new microlending products, farmers can apply to one of the authorized credit organizations - Access Bank, Unibank, Bank of Baku, Yelo Bank, Bank Respublika, which are engaged in microlending.

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