On January 1, the assets of Agrarkredit decreased by 700 thousand manat or 2.3% (at the beginning of last year it was 31 million AZN and by the end of the year it was 30.3 million AZN).
According to the non-banking institution, its loan portfolio is 26.5 million manat (an increase of 35.9%) in the shareholders' equity of 13.9 million AZN. The total income measured 5 million 508.6 thousand manat, and the pretax profit was 238.8 thousand manat.
Agrarkredit issued 3,812 loans totaling 14.3 million manat in rural lending from its own funds, including AZN 9.3 million for the development of livestock production, AZN 4 million for trade and services, and etc.
There were loans also through the National Fund for Entrepreneurship Support (NFES) - 470 local businesses on the periphery received 4.1 million manat. In the framework of the project Development of North-East funded by IFAD and the project North-Western Rural Development, 561 entrepreneur and a group of borrowers received 2.6 million manat.
Agrarkredit is the largest micro-finance organization in the country. It received the license to operate on 30 December 2003. Its shareholders are the Ministry of Finance, State Insurance Company Azersigorta and JSC Irrigation and Water Management. --17D-
Economics
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Azerbaijan processed 5 million tons of crude oil in the first three quarters of 2024, a 2% increase compared to the same period last year, when 4.9 million tons were processed, according to data published by the Ministry of Finance. Of this total, around 1.3 million tons were imported oil, primarily from Russia, Turkmenistan, and Kazakhstan.
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Azerbaijan’s oil and gas sector continues to ensure stable employment: according to the State Statistics Committee, 31.7 thousand people were employed in the industry during the first nine months of 2024. The sector remains a crucial pillar of the national economy, offering some of the highest salaries in the country, although differences in pay between state-owned and private enterprises are noticeable.
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In a move to accelerate technological advancements in telecommunications, the Azerbaijani Investment Holding (AIH) and China’s FiberHome Telecommunication Technologies Co., Ltd. signed a Memorandum of Understanding (MoU) in Baku on October 15. The agreement is aimed at fostering closer collaboration in telecommunications technology, marking a significant step in Azerbaijan’s ambitions to expand its digital infrastructure and introduce cutting-edge business practices.
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In the first eight months of 2024, Azerbaijan's legal entities and individuals engaged in trade operations with partners from 172 countries, according to data released by the State Statistics Committee. The country exported goods to 117 nations while importing from 161, highlighting the breadth of its trade relations. However, foreign trade turnover decreased by 14.93% compared to the same period in 2023, reflecting global economic challenges and shifts in demand.
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