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Over 4,200 women entrepreneurs receive preferential loans

6 May 2019 17:01 (UTC+04:00)
Over 4,200 women entrepreneurs receive preferential loans

By Mirsaid Ibrahimzade

Every day, the role of women in entrepreneurship and their number grow in the world. Meanwhile, in Azerbaijan the share of women in the socio-economic life of the country makes up 48.2 percent of the total number of employed population.

Niyazi Safarov, Azerbaijan’s Deputy Economy Minister, stated at an event dedicated to women’s social entrepreneurship in Baku that presently, the share of women’s entrepreneurs makes 20 percent of all entrepreneurs in Azerbaijan.

He added that Entrepreneurship Development Fund issued preferential loans worth 109.1 million manats ($63.99 million) to more than 4,200 women entrepreneurs.

Safarov also emphasized that Azerbaijan pursues economic policy which prioritizes the development of entrepreneurship in the country and especially gives support to women’s social entrepreneurship. He stressed that new opportunities open up for the development of new areas of entrepreneurship in the course of economic development of Azerbaijan, including women’s social entrepreneurship.

“The diversification of the economy, the development of the non-oil sector and the building up the export potential are the main directions of the socio-economic strategy of the state,” he said.

Then, addressing the event, Jamalladin Guliyev, Deputy Head of the Department of State Employment Service under the Ministry of Labor and Social Protection of Population, said that last year, 1,000 women entrepreneurs received financial support from the self-employment program.

He noted that 7,000 citizens were involved in the self-employment program in the country for the last year. Attraction of women to the program was a priority for the ministry; therefore, as a result, they occupy the majority of the program participants, according to Guliyev.

“The development of women's entrepreneurship is receiving great attention from the state. Women participate in various social programs, in projects of social orientation, within the framework of which financial resources are allocated for them,” Guliyev stated.

Speaking at the event, Nadir Adilov, Deputy Chairman of the Agency for the Development of Small and Medium-sized Enterprises (SMEs), said that it is necessary to create trustee business associations in order to provide direct support to sustainable development and development of not only social entrepreneurship, but also the strengthening of SMEs.

Adilov noted the special role of the Association of Women Entrepreneurs of Azerbaijan in the development of women's social entrepreneurship in the country.

“At the same time, corporate responsibility is of paramount importance for the development of social entrepreneurship. The state is responsible before entrepreneurs and this mission includes improving legislation, introducing new mechanisms, and creating optimal environment for the development of entrepreneurial activity in Azerbaijan,” he said.

Adilov emphasized that the state has fulfilled its mission by creating all conditions for the development of the business environment, and, in its turn, it is necessary to create trusteeship associations in the business sector in order to provide direct support not only to sustainable development of social entrepreneurship, but also to the strengthening of SMEs.

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Mirsaid Ibrahimzade is AzerNews’ staff journalist, follow him on Twitter: @MirsaidIbrahim1

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