BAKU, Azerbaijan, Nov. 26
By Zeyni Jafarov – Trend:
The Azerbaijani Executive Credit Agency NBCO continues to provide lending services in the agricultural sector at its own expense, Chairman of the Board of the Executive Credit Agency NBCO, Arif Aliyev, told Trend.
“The NBCO has been working in the field of microfinance since 2002 and during the period of its activity within well-known international financial programs, it provided microcredit services in all districts of Azerbaijan. However, due to the limited financial resources, agricultural loans are provided mainly in the Lankaran economic region of Azerbaijan,” Aliyev said,
“In 2020, due to the coronavirus pandemic (COVID-19), many credit organizations, based on their internal capabilities, as well as on the direct instructions of the regulator - the Central Bank of Azerbaijan (CBA), provided their customers, including small and medium-sized enterprises (SMEs), with certain benefits and deferred payments. So, already from the first quarter of 2020, the process was started in the Executive Credit Agency,” said the NBCO chairman.
“Also, in connection with the start of Azerbaijan's counter-offensive operation in response to the provocation of the Armenian Armed Forces, the NBCO customers called to the front were immediately exempted from paying on loans until the end of the year and they were unilaterally granted a deferral,” said the chairman.
“At present, various online platforms in the credit sphere are being actively introduced and the Executive Credit Agency, being a member of the Azerbaijan Microfinance Association, participates in discussions on the creation of similar e-platforms for NBCOs, including for the use of platforms in the field of agricultural lending,” added Aliyev.
(1 USD = 1.7 manat on Nov. 26)
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