MFBA launches new Agricultural Loan product

Baku, 20 August, 2007: MFBA has launched a new loan product specially designed for agro-businesses. The new product is aimed at both farmers and agriculture related businesses. MFBA has been developing the product for several months and has now started disbursing loans in the regional branches of Sheki and Lenkoran.
“Agriculture and agro-businesses provide a livelihood for a large segment of the Azeri population and have been poorly served by the financial sector. MFBA is proud to again be taking the lead in developing dedicated financing products for this sector” said Dr Andrew Pospielovsky, MFBA General Manager. The new loan products were developed with the assistance of foreign specialists under a technical assistance programme provided by the German Development Bank KfW.
“MFBA has developed a new range of financial products for customers engaged in agricultural business. The main product is an agricultural loan with special lending conditions including maturity and grace periods tailored to the specifics of agricultural businesses.” the Project Manager Sebastian Faryniarz said, “Our main objective is to provide this group of clients with financial services that correspond to their needs. Our work is carried out under technical assistance of the German Development Bank KfW, to whom I would like to express my gratitude for supporting this project,” he added.