Azerbaijan’s Agrarian Credit & Development Agency discloses funding allocation for last 3 years

Between 2022 and 2024, the Agrarian Credit and Development Agency (ACDA) under the Agriculture Ministry of Azerbaijan allocated 13.6 million manats ($8 million) in credit-leasing funds and 93.3 million manats ($54.88 million) in subsidies for financing modern (pivot) irrigation systems installed on 42,000 hectares of land in Azerbaijan, ACDA representative, Emil Khasmammadov stated, Report informs.

Speaking at the 4th Agribusiness Development Forum held in Baku, Khasmammadov noted that additional funds were allocated to the agency from the state budget in line with the President's decree on financing modern irrigation systems installed by entrepreneurial entities engaged in food wheat production.

"Since 2022, 24.6 million manats ($14.47 million) in subsidies have been directed to finance projects related to the installation of modern irrigation systems on 12,000 hectares of wheat-planted areas," he added.