Azerbaijan's economy chiefs are considering establishing an agriculture bank to improve the oil-rich country's food security and help the development of agribusiness, local news services reported.

The ministries of finance and agriculture are evaluating a proposal to transform Aqrar-Kredit, a local, state-owned credit institution into a full-fledged bank dedicated to underwriting agricultural projects, the News.az reported on December 10. To create the bank, ministry officials have focused on similar structures in France, Germany and Russia.

The project awaits the imprimatur of Azerbaijani President Ilham Aliyev. If established, the bank would offer international investors the chance to purchase an equity stake in the business, news agencies reported Aqrar-Kredit Chief Executive Officer Mammad Musayev as saying.