Vusal Gasımlı: Interest rates will be accessible for Azerbaijani farmers

Baku. 6 October/ REPORT.AZ/ "Establishment of “Credit Guarantee Fund" OJSC in Azerbaijan will make the interest rates on loan accessible and introduction of collateral mechanism.”

Report informs, Executive Director of the Centre for Analysis of Economic Reforms and Communication (CAERC), Vusal Gasimli told reporters.

According to him, fund’s activity and expected introduction of agricultural insurance in the near future in the country will improve capabilities of agricultural producers to access financial resources:

“Certainly banks are more willing to lend loans for insured business. It also creates development opportunities for credit organizations.”

V. Gasimli talked about the latest developments related to introduction of agricultural insurance in Azerbaijan: “Experience of several countries in this field including Tarsim model of Turkey was thoroughly studied. I think legislative acts on agricultural insurance will be adopted soon and based on the best international experience, agricultural insurance will be launched. Of course, state will play a role in this process. Because agricultural sector depends on the climate condition and insuring such risk will allow financial market participants to give their funds for agriculture.”