BAKU, Azerbaijan, June 10
By Eldar Janashvili – Trend:
The Agrarian Credit and Development Agency of Azerbaijan has started monitoring the services to ensure the effectiveness of the mechanism for subsidizing agricultural producers in the first week of May 2020, Chairman of the agency Mirza Aliyev told Trend.
The monitoring of the services is being financed by the state, he added.
The new powers allow the agency to analyze the short-term and long-term effects of subsidies on the agricultural sector, to carry out work for increasing their effectiveness, noted Aliyev.
In May 2020, the relevance of agricultural lending remained at high levels.
Chairman of the Board of Fineco Kredit Non-Bank Credit Organization (NBCO) Rashad Gasimov said that loans to farmers and agricultural enterprises reached 1,156 loans worth over 4.5 million manat ($2.6 million) by the end of May.
Besides the foregoing, Bank Respublika OJSC, which actively supports the development of agriculture in Azerbaijan, has signed a new agreement with the International Finance Corporation (IFC) in order to expand access to loan products for agricultural entrepreneurs and further accelerate the lending process.
In accordance with the agreement, the bank joined the process of introducing a new risk management system - CLARA, which will expand the possibilities of lending to agriculture.
The expansion of cooperation within the new agreement is an indicator of the successful results of many joint projects with IFC. The new system, which will be introduced under the agreement, is aimed at developing entrepreneurship in all regions of Azerbaijan pursuant to the strategic course of the bank.
Within the framework of cooperation, citizens working in various fields of agriculture will be able to get loans faster and easier by contacting Bank Respublika branches covering all regions of the country.
Also in May, by order of the Agrarian Credit and Development Agency, Kapital Bank OJSC, electronic cards were published and sent to their regional branches to farmers who announced spring planting and applied for subsidies.
(1 USD = 1.7 manat on June 10)
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