Azerbaijan State Agency of Agriculture Credits to Issue Credits
Azerbaijan, Baku / Trend corr. S.Babayeva / Famil Rustamov, the deputy head of the agency, has reported that the State Agriculture Agency on Credits at the Azerbaijani Agriculture Ministry is planning to begin issuing credits by September 2007. The agency will allocate privileged credits to natural and juridical persons, engaged in agrarian enterprise through plenipotentiary credit organizations.
The majority of organizational issues have been already resolved. Credits will be allocated by Texnikabank, Turanbank, Rabitabank, MuganBank, ZaminBank, Bank of Azerbaijan, Gencebank, Azerbaycan Senaye Banki, and Icrachi Kredit Agentliyi.
The appeal has been submitted to the Azerbaijani Finance Ministry to supply a budget for crediting. Initially some AZN 5mln will be spent for these purposes. In compliance with the decision of the Cabinet of Ministers, the credits will be used for production and development of agriculture products, improvement of land-reclamation, modernization and development of the foodstuff sector, and purchase of agricultural equipments and chemicals.
Micro-credits will be allocated on the line of the agency by AZN 1,000 for two-year terms, small credits between AZN 1,000 and AZN 20,000, average credits from AZN 20,000 to 50,000 for three-year terms, and large credits from AZN 50,000 to 200,000 for five-year terms.