Azerbaijani banks to join Agriculture Loan Evaluation System

Azerbaijani banks to join Agriculture Loan Evaluation System

BAKU, Azerbaijan, Feb. 17

By Eldar Janashvili – Trend:

The International Bank of Azerbaijan (IBA) was the first bank which joined Agriculture Loan Evaluation System (AzALES) of the Agrarian Credit and Development Agency under the Azerbaijani Ministry of Agriculture, Trend reports on Feb. 17 referring to IBA.

“This was carried out with the aim of expanding the access to the credit products of entrepreneurs working in the agricultural sector,” IBA said. “Thus, IBA joined this system.”

IBA Managing Director Nargizkhanim Bilenderli stressed that rendering financial support for the agricultural projects is one of the priorities for the bank.

“IBA is expanding the ties with entrepreneurs working in the small and medium-sized enterprises operating in the non-oil sector, which includes the agro-industrial sector,” Bilenderli added.

“As for lending for the agricultural projects, it is important for the bank to correctly assess the risks,” Bilenderli added. “In this regard, our connection to the AzALES system will be very useful. Credit products offered on favorable terms will become more accessible for agricultural producers. In turn, we will be able to increase customer satisfaction by accelerating the loan application process."

The system called AzALES was developed for the Agrarian Credit and Development Agency with the support of the European Bank for Reconstruction and Development, as well as the European Union, Frankfurt School of Finance and Management.

The system allows assessing risks in the agricultural sector more accurately, processing of loan applications faster, facilitating farmers' access to the financial products and at the same time allows banks and credit organizations to save resources and correctly assess the risks.

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Follow the author on Twitter: @eldarjanashvili

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