Azerbaijan receives 120 million for agricultural development

The Asian Development Bank (ADB) has approved funding amounting to about 120 million dollars for three Azerbaijani credit institutions - Access Bank, the non-bank credit organization Finca Azerbaijan and DemirBank.

Credit resources will be used to support the development of the agricultural sector and improve financial services to micro, small and medium-sized enterprises, Trend reports.

According to the report of the ADB, this funding will help to reduce the dependence of the economy on the oil and gas sector to some extent. Since 2005, these three financial institutions have attracted more than 215 million dollars of investments from ADB.