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1% discount on business loans - another innovation from Rabitabank

09.12.2019,12:01


December 9, Fineko/abc.az. The Agency for Development of Small & Medium-sized Businesses (KOBIA) is to cooperate with Rabitabank with the purpose to expand financing opportunities for small & medium-sized businesses in the agricultural sector.

ABC.AZ reports that the cooperation will be carried out within the framework of the Agriculture Competitiveness Strengthening Project of the World Bank and the Agency for Agricultural Credit & Development under the Ministry of Agriculture. Rabitabank is the agent bank of the project.

The main objective of the project is to provide financial support to the processing, sale and production of agricultural goods. An initial loan of US$3 million has been allocated for projects to be implemented in this sphere.

The loan term within the project is 7 years, and the loan interest is 8.8%.

Friends of KOBIA, working in different cities and districts of the country, will regularly inform micro-, small- and medium-sized entrepreneurs about the project, provide them with information and consulting services, contact the bank of entrepreneurs who have applied to the Agency for financial support for creation and expansion of their business in the agricultural sector. Besides, entrepreneurs who will apply for a loan to the Bank within the project with KOBIA coordination will be given a 1% discount on business loans.