1.6% of loans given for Azerbaijani economy are designed for agriculture

12:36 - 31.05.2024

May 31, Fineko/abc.az. 1.6% of loans given to the economy of Azerbaijan are directed to agriculture.

ABC.AZ reports that Mammad Musayev, president of the Azerbaijan Confederation of Entrepreneurs (ASK) stated about this at the opening of project "Young Agro-Entrepreneurs", financed by the Foreign, Commonwealth & Development Office (FCDO).

"This shows the need to carry out certain reforms to improve the mechanisms and conditions of access to financing for the agricultural sector of Azerbaijan, which has great potential in this area," he said.

Musayev added that today there are preferential state sources of financing, such as the agricultural sector insurance system, the Entrepreneurship Development Fund and the Agricultural Development Fund, and this, in turn, gives entrepreneurs working in this sector the opportunity to receive loans on more favorable terms.

The ASK president noted that last year the agricultural sector received loans in the amount of 471.3 million mantas. Of them, 427 million manats were given by banks and 44.7 million manats by non-bank credit organizations.