Manila, Oct 26. (Xinhua/GNA) – The Asian Development Bank (ADB) and Azerbaijan’s Bank Respublika have signed a loan of 40 million U.S. dollars to expand access to finance for micro, small and medium-sized enterprises (MSMEs), and agriculture borrowers in underserved regions in Azerbaijan, ADB said on Monday.
According to ADB, at least 20 per cent of loan proceeds would be on-lent to women-owned MSMEs, and at least 50 per cent to borrowers operating in agricultural production, processing and trade to support modern drip irrigation systems and the cultivation of crops and fruits that are adaptive to diverse weather conditions.
The ADB said access to finance remained a challenge for regional MSMEs and small farms, as banking and financial services remained concentrated in the country’s capital, Baku.
The project aims to ease gaps by expanding credit access for agricultural ventures in some neglected regions.
GNA