OREANDA-NEWS. February 05, 2014. The International Bank of Azerbaijan (IBA) will offer interest-free loans for pensioners.

In the course of the presentation of the project IBA’s General Direktor Elmir Habibullayev stated that project "Pension+" will be launched.

"Within the framework of project ‘Pension+’, all pensioners will be able to get through their pension cards an interest-free loan in the amount of AZN 100 to be withdrawn from pensioner’s account during the financing of pension of next month and automatically renewed. Pensioners will also be able to use a pension card as full payment card in shopping malls and pharmacies to be included in the list of partners," Habibullayev said.

He points out that the limit can be increased. For this, it is needed to apply to the IBA branches. At the first stage the system will be launched in the Nasimi and Sabayil districts of Baku. Use of plastic cards as a means of payment is introduced within stimulation of cashless payments in the country, as well as in order to eliminate the queues in front of IBA cash machines in the days of pension giving.

In turn, the chairman of the State Social Protection Fund Elman Mehdiyev said that a wide network of cash machines has been created in Baku and regions of the country.

"In spite of this, queues gather regularly in front of IBA cash machines, as most pensioners still do not understand the possibilities of using cards as means of payment. That is why it was decided to launch a similar project with the help of which we will not only be able to provide additional financial support to retirees who are in need, but also to promote pension plastic cards as a payment tool," Mehdiyev said.