This was stated by Minister of Agriculture Majnun Mammadov at a meeting on the development of cotton growing within the framework of the State Program for the Development of Agriculture, Fisheries and Aquaculture for 2026-2030.
According to him, an agreement has been reached to provide banks with data from the Electronic Agricultural Information System on each farmer over the past 5-6 years.
"Banks have stated that if reliable information about farmers and their track record is available, they are ready to apply a more flexible approach to collateral," Mammadov said.
He also emphasized the need for farmers to take a responsible approach to entering data into the system. "Lack of information on the volume of production may raise additional questions when applying for a loan," the minister added.
Mammadov reported that a mechanism for a "product certificate" has been developed, which will allow farmers to use their harvest as collateral for loans: "The document is under review. We hope that it will be submitted to the Milli Majlis in the autumn session, and if adopted, a new financing mechanism will become available for farmers."