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Azerbaijani business spends 66pct of preferential lending for 2018 [UPDATE]

2 October 2018 14:02 (UTC+04:00)
Azerbaijani business spends 66pct of preferential lending for 2018 [UPDATE]

By Trend

The Entrepreneurship Development Fund of Azerbaijan (formerly the National Entrepreneurship Support Fund) plans to allocate preferential loans worth 170 million manats in 2018, Azerbaijan’s Deputy Economy Minister Sahib Mammadov told reporters in Baku Oct. 2.

He said that since the beginning of the year, entrepreneurs have already received preferential loans worth 113 million manats.

In accordance with the procedure, the annual interest rate on the loans of the Fund is one percent, another four percent account for the rate of an authorized credit institution. The minimum amount of a preferential loan that the Fund can provide is 5,000 manats, and the maximum amount is 10 million manats.

At the same time, small loans (from 5,000 to 50,000 manats) are allocated for a period of up to three years, medium loans (from 50,001 to 1 million manats) are allocated for a period of five years, large loans (from 1,000,001 to 10 million manats) are allocated for a period of up to ten years.

(1.7 manats = 1 USD on Oct. 2)

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