Azerbaijan, Baku / Trend corr. I.Khalilova / Turanbank signed an agreement with State Agency on Agricultural Credits at the Azerbaijani Agriculture Ministry on implementation agency functions issuing credits through budget fees, Nazim Sadigov, the chairman of the management of Turanbank said on 23 August.
Agency will begin issuing privileges credits to natural and juridical persons engaged in agriculture sphere from September 2007.
Besides Turanbank, Texnikabank, Rabitabank, MuganBank, ZaminBank, Bank of Azerbaijan, Gencebank, Azerbaycan Senaye Banki and non-bank credit organization of IKA -Icrachi Kredit Agentliyi were elected bank-agencies on agriculture.
Some AZN 5mln will be issued from the State budget at the first stage. Credits will be used in production and development of agriculture products, improvement of land- reclamation, development of food products and many other issues in compliance with order of the Azerbaijani Cabinet of Ministers.
Micro credits by AZN 1,000 will be allocated for two year term, small credits from AZN 1,000 to 20,000, average credits from AZN 20,000 to 50,000 for three year term, and big credits from 50,000 to 200,000 for five year term.