Azernews.Az

Thursday March 28 2024

Concessional loans keep on supporting private sector

26 July 2019 16:40 (UTC+04:00)
Concessional loans keep on supporting private sector

By Mirsaid Ibrahimzade

Azerbaijan makes maximum efforts to enhance the role of the private sector by issuing concessional loans that have more favorable terms and conditions than those offered by the commercial finance market.

Entrepreneurship Development Fund has issued concessional loans totaling 55 million manats ($32.35 million), the Ministry of Economy said in a message.

The message says that 592 entrepreneurs received the concessional loans for the implementation of projects worth 197.6 million manats ($116.23 million). The implementation of these projects will allow opening more than 2,200 jobs.

The ministry noted that on July 25, the Fund issued 24 entrepreneurs of the Ganja-Gazakh economic region with concessional loans totaling 831,000 manats ($488,823). Loans issued will be used to implement projects in the areas of animal husbandry, agriculture, bread production, grain procurement and flour production.

In general, over the entire period of activities, entrepreneurs of the Ganja-Gazakh economic region have been granted concessional loans totaling 276.9 million manats ($162.88 million) for the implementation of over 7,000 projects.

On August 1, 2018, President Ilham Aliyev signed a decree "On improving the mechanism of state support for the development of entrepreneurship."

In accordance with the decree, the National Fund for the Support of Entrepreneurship was liquidated. Instead, Entrepreneurship Development Fund was established at the Ministry of Economy. The authorized capital of the Fund was set at 1.94 billion manats ($1.14 billion).

In 2018, the volume of concessional lending of business through the Fund amounted to 160.2 million manats ($94.23 million).

--

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

Follow us on Twitter @AzerNewsAz

Loading...
Latest See more