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How many businessmen received preferential loans in 2019?

9 May 2019 16:22 (UTC+04:00)
How many businessmen received preferential loans in 2019?

By Mirsaid Ibrahimzade

Entrepreneurship plays a major role in a country's socio-economic growth. Azerbaijan focuses on the development of entrepreneurship and encourages the private sector to increase its share in the economy.

Sahib Mammadov, Deputy Minister of Economy of Azerbaijan, said at a business forum in Guba that since early 2019, the Entrepreneurship Development Fund of Azerbaijan has provided 345 businessmen with preferential loans worth 37 million manats ($21.76 million) for financing investment projects worth 98.6 million manats ($58 million).

He said that more than 1,400 jobs will be opened with implementation of these investment projects.

Speaking about the distribution of concessional loans, the deputy minister noted that the agrarian sector received 65 percent and 35 percent was directed to the production and processing of various industrial goods.

He added that preferential loans worth 204.1 million manats ($120.05 million) were allocated for 2,700 entrepreneurs of the Guba-Khachmaz economic region.

At a meeting held as a part of the business forum, preferential loans worth 1.5 million manats (0.88 million) were allocated to 27 entrepreneurs of the economic region.

The loans will be directed to finance projects in such spheres as animal husbandry, fishing and packaging of fruits and vegetables. The projects will create 70 workplaces.

Until now, 29 intensive vegetable and grain farms have received preferential loans worth 46.8 million manats ($27.52 million).

The Azerbaijani Entrepreneurship Development Fund was established on the basis of the National Fund for Entrepreneurship Support, operating in the country since 1997. This year, the Fund intends to issue preferential loans worth 160 million manats ($94 million).

Recently, new categories of entrepreneurship have been approved in Azerbaijan. Previously, the categories of entrepreneurs in the country were divided into small, medium and large enterprises. The new category is micro businesses, which covers companies with the staff of one to ten people and an annual income of up to 200,000 manats ($117,302).

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

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