Azerbaijan announces concessions for entrepreneurs operating in liberated areas
Nigar Hasanova
Read moreUp to 90% of the business loans of entrepreneurs operating in the liberated territories are guaranteed by the state.
Azernews reports that the presentation of the Electronic Credit and Guarantee Information System was held at the Entrepreneurship Development Fund on the "mechanism of support for entrepreneurs operating in territories freed from occupation".
Osman Khaliyev, Chairman of the Fund's Board of Directors, said that since February 1, entrepreneurs operating in the liberated territories of Azerbaijan have been allowed to apply for the guarantee and subsidy mechanism. Thus, entrepreneurs can apply to take advantage of the mechanism by registering in the "Electronic Credit and Guarantee" information system through the e-gov portal and the edf.gov.az website.
Within the framework of the mechanism, up to 90% of business loans with an amount of up to 5 million manats, a term of up to 7 years, and an annual interest rate of up to 15% are provided with a state guarantee. In addition, 10% of the annual interest rate of those loans is subsidized by the state for up to 36 months, and a grace period of up to 36 months is applied, not exceeding half of the loan period.
It should be noted that the "Support to entrepreneurs operating in areas freed from occupation" mechanism is implemented by the Entrepreneurship Development Fund of the Ministry of Economy to support the recovery of economic activity and the acceleration of investments in these areas. The mechanism is intended for entrepreneurs operating in all economic fields not prohibited by law in the non-oil sector in those areas.
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