Azeri Government OKs agricultural loan usage regulations

Azeri Government OKs agricultural loan usage regulations
# 16 May 2007 14:50 (UTC +04:00)
The Cabinet of Ministers has approved regulations for use of loans lent through the State Agency for Agricultural Credits.
As per the rules, the Agency-allocated loans can be spent on production and processing of agricultural goods, melioration, improvement of irrigation systems, development and modernization of foodstuff industry, procurement of agricultural vehicles and appliances, artificial fertilization etc.
To finance these projects, the authorized credit organizations can lend microloans (up to AZN 1,000) for 2 years, small credit (from AZN 1,000 to AZN 20,000) for 3 years, medium loans (from AZN 20,000 to AZN 50,000) for 3 years, and large loans (up to AZN 200,000) for 5 years.
The grace period for micro loans is 12 months, for small and medium loans 18 months and for large loans 24 months.
The Agency allows the total loan funding to the authorized organizations at 2% interest rate annually and the authorized organizations lends at no more than 7% annually (including 2%). /APA-Economics/

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THE OPERATION IS BEING PERFORMED