EU and EBRD Launch Project for Agricultural Sector Development
The European Union and the European Bank for Reconstruction and Development held a presentation of a joint project for agricultural development worth $ 40 million in Baku today. EU and EBRD support diversifying the economy to reduce dependence on the oil sector.
The project "Financial Instruments for Agriculture of Azerbaijan» (AZAFF) is aimed primarily at encouraging local financial institutions to issue loans to farmers and agricultural businesses. In this project, EBRD will use not only the traditional scheme of financing agriculture through local banks, but also provide non-financial support for development of the agricultural sector.
The AZAFF project is implemented with the participation of the Ministries of Agriculture, Economy and Industry.
During the presentation, the Deputy Minister of Agriculture Seyfaddin Talibov admitted that the financial mechanism of the agricultural sector in Azerbaijan needs to be improved. ----08D
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- Economics
- 26 November 2015 16:24
Economics
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