Azernews.Az

By Trend

Around 5,623 farmers and entrepreneurs received loans and incentives for agriculture from the Agrarian Credit and Development Agency of Azerbaijan from January through November 2020, the Ministry of Agriculture told Trend.

Over 65 million manat ($38.2 million) has been allocated to AKIA agricultural producers.

Of these funds, more than 32 million manat ($18.8 million) were issued as microcredits and loans for other purposes, 33.4 million manat ($19.6 million) as loans to finance agricultural machinery and livestock on favorable terms.

Of the loans issued, 20.6 million manat ($12.1 million) fell on microcredits. More than 2,200 farmers received microcredits.

At the expense of funds of the Agrarian Credit and Development Agency for agricultural lending and development under the Ministry of Agriculture, farmers are issued microcredits at 12 percent, cash loans, loans for agricultural and other purposes at 7 percent.

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

During the reporting period, the agency gave farmers more than 75.7 million manat in subsidies for the purchase of equipment and breeding livestock.

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