Azerbaijani farmers be able to get subsidized loans for another AZN 10 million


May 24, Fineko/ The Ministry of Agriculture continues taking measures to facilitate access to financing for farmers and agricultural producers.

Mirza Aliyev, the head of the State Service for Agricultural Programs & Loans, stated that by the end of 2018 the farmers will be provided with subsidized loans in the amount of AZN 10 million.

"The Service will give loans under 2% while authorized banks will given them under 7% per annum. The minimum amount of a loan will be 1,000 manats and the maximum amount 200,000 manats," Aliyev said.

He added that the number of documents required for registration was reduced from 15-20 to 3-4.

"Also, with the support of international financial resources the Service is also currently studying international experience in this area, in particular for development of new simplified lending mechanisms, using both movable and immovable property. Also, the new mechanism will allow use of the collateral not only in Baku, but also in districts of the country. Authorized banks with a network of branches covering all districts of Azerbaijan have been chosen for this purpose," Aliyev said.


Keywords: Agriculture