Azernews.Az

By Trend

There are plans to allocate loans worth 10 million manats in 2019 to farmers in Azerbaijan via the State Service on Management of Agricultural Projects and Credits under Azerbaijan’s Agriculture Ministry, Mirza Aliyev, head of the service, told Trend Dec. 13.

“We will be able to allocate these funds if we accelerate the collection of previously issued loans and return our funds, which are now in the liquidated banks,” he said.

Aliyev noted that lending to agriculture via the State Service was restored in May 2018. Until the end of this year, the agency also plans to issue about 10 million manats.

“We aim to bring lending to agriculture to 10 million manats by the end of this year,” he added. “Most of this amount has already been spent.”

He said that farmers are mainly interested in small amounts within 10-100,000 manats. The average loan amount is 60,000 manats, he noted.

The State Service on Management of Agricultural Projects and Credits has been operating in Azerbaijan since 2004.

The agency provides support in lending to the areas of production and processing of agricultural products, water management, land reclamation and others. At the same time, the agency participates in the development and implementation of government programs aimed at the development of the agriculture sector.

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