Azerbaijani bank supports Turkish agricultural sector

By Tuba Sahin

ANKARA (AA) - Azerbaijan's Pasha Bank has provided a 46 million Turkish liras ($6.4 million) of fund for Turkish fintech firm Tarfin to support advanced investors in agricultural sector, according to a statement on Thursday.

The bank issued the asset-backed security for the fourth time in line with its policy of serving its clients with investment banking and corporate banking products to contribute to the development of trade between Turkey-Azerbaijan-Georgia.

It provides resources and guidance to the business enterprises in the region.

Tarfin is a digital platform that provides farmers with access to high-quality farm inputs with competitive credit terms, the statement noted.

The transaction was completed with a demand exceeding the amount of the issue despite the coronavirus pandemic, it said.

Investment funds, pension funds, insurance companies, corporate treasury departments and qualified individual investors were among the investors of the fund.

Agricultural input needs of nearly 6,300 farmers were funded from capital markets thanks to this fund.