Azernews.Az

By Leman Mammadova

Entrepreneurship Development Fund under the Ministry of Economy continues to provide entrepreneurs operating in the regions with financial support to stimulate entrepreneurship across the country.

The entrepreneurs operating in Aran economic region received 1.4 million manats ($0.82 million) of soft loans at a business forum held in Saatli region on October 2.

The loans will be used to implement projects in the areas of livestock, horticulture, bread etc. The implementation of these projects will open up 100 new jobs.

In general, the Entrepreneurship Development Fund has allocated 590 million manats ($347 million) of soft loans to entrepreneurs of Aran economic region to finance 14,200 projects.

Since early 2019, the Fund issued soft loans totaling 130 million manats ($76.49 million) to finance investment projects, so far.

At the event, sample investment projects on creation of grain growing, intensive horticulture farms, fruit processing facilities, logistics center have been presented.

As part of the business forum, the cotton farming and cotton processing enterprise have been reviewed.

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 5 percent.

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.

---

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

Follow us on Twitter @AzerNewsAz