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Tuesday June 28 2022

Some $12.9m in subsidies paid to COVID -19-affected entrepreneurs

28 April 2022 15:21 (UTC+04:00)
Some $12.9m in subsidies paid to COVID -19-affected entrepreneurs

Azerbaijan's Economy Minister Mikayil Jabbarov has said that AZN 22 million ($12.9m) in subsidies were paid, under the state-guaranteed loan and subsidy support program, to entrepreneurs affected by the pandemic from June 2020 to April 2022.

"Positive decisions were made on 5,010 out of 6,290 appeals, received for interest subsidies on existing loans. The total amount of the approved subsidy was AZN 69.4 million ($40.8m)," the minister wrote on his official Twitter page.

Jabbarov also noted that since early 2022, within the framework of state support, AZN 13.3 million ($7.8m) in soft loans have been issued to entrepreneurs to finance 368 projects. He added that 344 new jobs have been created.

Azerbaijan continues to support entrepreneurs and small businesses to curb the economic impact of the COVID-19 pandemic.

Financial support to businesses is provided in line with the decree of the Cabinet of Ministers dated December 23, 2020, over the tightening of the quarantine regime in the country. The purpose of financial support to entrepreneurs is to reduce business entities' losses, improve their financial situation and protect jobs.

Azerbaijan first introduced a quarantine regime on March 24, 2020.

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