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Bank specialized on agrarian sector maybe created in Azerbaijan

05 October 2011 10:25 (UTC +04:00)

To him, there is need for such bank in the country: â€œSuch a bank maybe established in the base of Agrarkredit or a separate body of the state. But we think that the specialized bank is expedient to establish in the base of Agrarkredit. Because Agrarkredit has extensive experience and professional experts in this sphereâ€.

Kalashov noted that the volume of investments allocated in agricultural sector must be increased in Azerbaijan: â€œAccording to our calculations, there is demand for allocation of at least AZN 1 bln credits in agricultural sector. If these funds are allocated in the mentioned spheres, we can achieve the rapid development. The concrete proposals related to development of agriculture have already been prepared and submitted to the relevant state bodiesâ€.

Kalashov said that total share of agriculture in GDP made 5.2%: â€œThis indicator is very low. Total credit portfolio of all credit organizations in Azerbaijan makes AZN 9.2 bln. Of these, only AZN 500 mln have been allocated in agro-industrial complex, as well as agricultural sector. Though this sphere is risky, the credit organizations must increase the volume of investments in this sphereâ€.

Remind that, Agrarkredit non-banking organization has been in operation since 2001. It has 12 branches and 4 representations across the country.