BAKU, Azerbaijan, June 22
By Fidan Babayeva – Trend:
The Agrarian Credit and Development Agency of Azerbaijan has issued loans to farmers in the amount of 26.3 million manat ($15.4 million) from January 1 through June 19, 2020, Chairman of the agency Mirza Aliyev told Trend.
During the mentioned period, the agency issued 2,116 loans to the customers, said Aliyev.
“Over 2019, 2,439 loans were issued. The number of loans issued during five months of 2020, almost reached the whole amount of last year,” noted the chairman.
“The main advantage of microlending is that it’s beneficial to both banks and farmers. The state also supports this. All these developments show the great prospects of microlending in the country,” Aliyev emphasized.
“The expansion of agricultural production projected at the beginning of 2020, depends on a number of factors. Means for production, high-quality seeds, fertilizers and pesticides, access to finance and other resources, as well as conditions necessary for the production of agricultural products, must be provided,” he added.
The Agrarian Credit and Development Agency was established on October 23, 2004 under the Azerbaijani Ministry of Agriculture. The agency issues agricultural loans on concessional terms, provides subsidies to farmers, manages agricultural projects, and also attracts investment in the country's agriculture.
(1 USD = 1.7 manat on June 22)
---
Follow the author on Twitter: Fidan_Babaeva