Azerbaijan unveils amount of loans issues to farmers

24 September 2020 17:33 (UTC+04:00)

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Some 1,895 Azerbaijani farmers have been provided with micro-credits worth up to 18 million manat ($10.5 million), through Azerbaijan's Agrarian Credit and Development Agency, Trend reports on Sept.24 referring to the Ministry of Agriculture.

According to the ministry, 15 million manat ($8.8 million) of the above amount were allocated to farmers engaged in animal husbandry.

In the reporting period, the agency provided agricultural producers 51 million manat ($30 million) on all types of loans (loans for the purchase of equipment and breeding animals, microloans and other agricultural loans).

Meanwhile, the agency has paid agricultural producers over 64 million manat ($37.6 million) of preferential subsidies for the purchase of agricultural machinery and breeding animals. This was part of the funds paid by the state for the purchase of 5,876 breeding animals and 4,140 units of agricultural machinery by farmers from suppliers.

It is noted that the Agrarian Credit and Development Agency under the Ministry of Agriculture provides farmers with micro-credits at 12 percent, cash and other loans for agricultural purposes at 7 percent per annum.

The state pays 60 percent of the cost of breeding animals and 40 percent of the cost of equipment purchased by agricultural producers.

(1 USD = 1.7 AZN on Sept.24)