Azernews.Az

By Leman Mammadova

Entrepreneurship Development Fund under the Ministry of Economy continues to provide financial support to entrepreneurs to realize their investment projects.

The entrepreneurs operating in settlements of Baku received 2.6 million manats ($1.53 million) of soft loans at a business forum held in Pirallahi district on September 24.

The loans will be used to implement projects in the fields of agriculture, the creation of enterprises for the production of milk powder, dried fruit etc.

As part of the forum, the presentation of investment projects on the creation of textile, bakery and confectionery enterprises, logistics center and hotel, held to realize the economic potential of the district. Sample projects and methodological materials were distributed to entrepreneurs.

Sahib Mammadov, Deputy Economy Minister, stressed the implementation of consistent measures, comprehensive reforms for the further development of the private sector, especially innovative entrepreneurship, and the creation of a favorable business environment.

Azerbaijani Entrepreneurship Development Fund was established on the basis of the National Fund for Entrepreneurship Support, operating in the country since 1997.

The authorized capital of the Fund was set at 1.9 billion manats ($1.1 billion).Loans are issued for 5,000 ($2,933) to 50,000 manats ($29,326) for a period of 3 years, from 50,000 to 1 million manats ($586,510) for 5 years and from 1million to 10 million ($5.87 million) for 10 years. The annual loan rate is 5percent.

The Fund intends to issue soft loans worth 160 million manats ($94 million) this year. In general, the Fund has issued soft loans in the amount of more than 2.3 billion manats ($1.35 billion) so far. About 68 percent of the loans was directed to the agricultural sector.

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Leman Mammadova is AzerNews’ staff journalist, follow her on Twitter: @leman_888

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