BAKU, Azerbaijan, January 17. A new mechanism is being created to support entrepreneurs operating in the liberated territories of Azerbaijan, said Chairman of the Board of Entrepreneurship Development under the Ministry of Economy of Azerbaijan Osman Khaliyev, Trend reports.
Khaliyev made his statement during the press conference dedicated to the results of activity for 2023.
"The mechanism will be applied starting from February 2024. Within the mechanism, 90 percent of the loan portfolio with a total value of 500 million manat or $294.1 million [450 million manat or $264.7 million] will be guaranteed, with subsidies of up to 150 million manat possible. The maximum amount of soft loans is 5 million manat and the repayment period is up to seven years. The interest rate on the loan is up to 15 percent," Khaliyev noted.
Entrepreneurshıp Development Fund under the Ministry of Economy of Azerbaijan has provided soft loans worth 193.8 million manat ($113.9 million) to finance 3,276 investment projects in 2023. The total cost of investment projects amounts to 459.9 million manat or $270.5 million, and the volume of lending has increased by almost 33 percent.
In 2022, entrepreneurs in Azerbaijan received loans worth 145.9 million manat ($85.8 million) through the Entrepreneurshıp Development Fund of Azerbaijan.
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