The selection of credit organizations within Development of Azerbaijans northeastern regions project executed jointly with International Fund of Agricultural Development has been announced. Trend reports with reference to the State Agency for Agrarian credits with the Ministry of Agriculture, the competition for selection of non-banking organizations and commercial banks to issue short- and long-term credits to SMB is conducted.
All whom this may concern should submit their application, thorough information on their activities, financial reports covering the last 3 years of activity by September 25.
The project suggests the development of Azerbaijans northeastern regions and will serve the improvement of living conditions for 15,012 families. Secondary and third-degree amelioration will be provided within the project in areas of Absheron, Siyyezen, Devechi and Khyzy. Within the project it is suggested to issue medium-term credits in regions in amount nearly $4.500mln.
Total cost of the project is estimated at $25mln 148 thous, from which over $12mln have been issued by IFAD.
The agreement with IFAD was signed July 19, 2005.