Azerbaijani State Agricultural Credit Agency May Allocate Credits in September
Azerbaijan, Baku / Trend corr. S.Babayeva / Azerbaijani State Agricultural Credit Agency at the Agricultural Ministry may allocate credits in September, Famil Rustamov, the Deputy Head of the Agency, said.
The Agency will allocate privilege credits to the public and juridical entities engaged in agrarian entrepreneurship by credit organizations.
The Agency has implemented all the necessary work. Texnikabank, Turanbank, Rabitabank, MuganBank, ZaminBank, Bank of Azerbaijan, Gencebank, Azerbaycan Senaye Bank and non-bank IKA -Icrachi Kredit Agentliyi organize issues to allocate credits. All work is planned to be completed in the near future, Rustamov said.
Initially it was planned to allocate some AZN 5mln. The allocated credits will be used for production and development of agricultural products, improvement of land-reclamation, upgrade and development of food products, the purchase of agricultural and chemicals and many others, by the order of the Azerbaijani Cabinet of Ministers.
Micro credits will be allocated by AZN 1,000 for a 2-year term, mini credits from AZN 1,000 to 20,000, average credits from AZN 20,000 to 50,000 for a 3-year term and large credits from AZN 50,000 to 200,000 for a 5-year term.