ACDA: Over $220M of credit-leasing funds allocated to Azerbaijan’s agricultural sector in 3 years

During 2022-2024, Azerbaijan allocated 247.6 million manats ($145.6 million) in subsidized funds and 141 million manats (just under $83 million) in credit-leasing funds for 24,500 units of agricultural machinery and equipment, said Emil Khasmammadov, a representative of the Agrarian Credit and Development Agency (ACDA), Report informs.

Speaking at the 4th Agribusiness Development Forum, Khasmammadov mentioned that 53.6 million manats ($31.5 million) in subsidized funds were also allocated for the purchase of 21,400 heads of large and small horned breeding animals.

Furthermore, over the past 3 years, nearly 7,000 business entities received low-interest subsidized loans amounting to 82 million manats ($48.2 million), he added.

The official noted that the financing of agricultural machinery is carried out in line with the list approved by the Ministry of Agriculture: "This list includes various equipment covering different areas of the agricultural sector."

Khasmammadov also highlighted that currently, 31 authorized credit organizations are cooperating with ACDA on financing agricultural projects. Of these, 16 are banks, 11 are leasing companies, and 4 are non-banking credit organizations (NBCOs).