The share of loans in Azerbaijan's economy directed in agriculture makes 1.6%, Mammad Musayev, the president of the Azerbaijan Entrepreneurs Confederation (ASK), said at the opening of the Young Agropreneurs project funded by the UK Office of the Foreign, Commonwealth and Development Office (FCDO).
"This shows the need for certain reforms to improve the mechanisms and conditions for access to financing for the agricultural sector of Azerbaijan, which has great potential in this area," he said.
According to him, currently there are preferential state sources of financing, such as the agricultural insurance system, the Entrepreneurship Development Fund, and the Agricultural Development Fund, which in turn allows entrepreneurs working in this sector to obtain loans on more favorable terms.
The ASK president noted that last year the agricultural sector received loans 471.3 million manats ($277.24 million) in loans, of which 427 million manats ($251.18 million) were issued by banks and 44.7 million manats ($26.29 million) by non-bank credit organizations.