Azerbaijan changes leasing rules for agricultural equipment

The Azerbaijani Cabinet has introduced adjustments to the rules for
leasing agricultural and technological equipment of the state leasing
company, Aqrolizing, Trend reports.

Legal bodies and individuals taking equipment from Aqrolozing for
lease need to pay 10% of its price as pre-payment, the rest needs to
be paid within 9 years.

Pre-payment for equipment worth over 40,000 manats was 10%, under
40,000 manats – 20%.

The adjustments to the leasing rules were initiated by the Ministries
of Agriculture, Economic Development and Finances to speed up the
process of leasing agriculture and technological equipment belonging
to Aqrolizing.

Aqrolizing was founded in October 2004 and is part of the Ministry of
Agriculture. It has service offices in 55 districts of the country.

Aqrolizing will receive 35 million manats from the state budget in
2011. 12 million of them are planned to be spent on purchasing
tractors and agricultural equipment, 12 million manats on fertilizers
and 11 million on technological equipment.

The official currency rate for January 7 is 0.7955 AZN/USD.