Baku: The volume of loans allocated by banks to the agricultural sector in Azerbaijan has amounted to 2.1 billion manats, said Deputy Chairman of the Central Bank of Azerbaijan (CBA) Toghrul Aliyev during his speech at the ‘5th Agribusiness Development Forum’ held in Baku, APA-Economics reports.
According to Azeri-Press News Agency, this figure increased by 14.5% compared to the same period last year. Toghrul Aliyev highlighted that the agricultural sector, along with the construction and transport sectors, is one of the main drivers of the banks’ business loan portfolio. He noted that this is a positive development, as 82% of the agrarian portfolio in banks consists of loans issued from the banks’ own funds, while 18% are loans financed through state funds.
The Deputy Chairman also emphasized the significant role of the Agrarian Credit and Development Agency, which operates under the Ministry of Agriculture. The volume of agricultural loans issued through this agency has exceeded 66 million manats. Additionally, approximately 40% of the loans issued through the Azerbaijan Business Development Fund are allocated to the agricultural sector.