Azerbaijan's agrarian agency discloses volume of issued subsidies in 9M2021

Business Materials 15 October 2021 14:26 (UTC +04:00)

BAKU, Azerbaijan, Oct. 15

By Sadraddin Aghjayev - Trend:

The Agrarian Credit and Development Agency (AKIA) has issued subsidies in the amount of nearly 219 million manat ($128.8 million) from January through September 2021, Deputy Chairman of the Agency's Board Leyla Mammadova said on Oct.15 at a conference on "The Role of Women in Azerbaijan's Agriculture", Trend reports.

According to Mammadova, these funds are allocated to farmers and agricultural businesses to purchase machinery and other necessary equipment for the development and sustainable implementation of their activities.

"Moreover, the agency has allocated interest-free microloans in the amount of 3.4 million manat ($2 million) since the beginning of the year. Thus, the loan amount to each farmer averaged up to 15,000 manat ($8,823). In 2020, subsidies worth 278 million manat ($163.5 million) were allocated to businesses," she added.

(1 USD = 1.7 AZN on Oct.15)