BAKU, Azerbaijan, October 23. The Entrepreneurship Development Fund under Azerbaijan's Ministry of Economy has issued preferential loans exceeding 3.2 billion manat ($1.8 billion) as of today, Chairman of the Management Board of the Entrepreneurship Development Fund Osman Khaliyev said at the conference “Innovative Solutions for Sustainable Microfinance”, Trend reports.
"As of today, the Fund has granted preferential loans based on over 50,000 applications. The Fund currently collaborates with 40 authorized lending organizations. Looking ahead, officials plan to enhance the efficiency and speed of loan distribution to a greater number of entities, while also expanding partnerships with more authorized lending organizations, including microfinance institutions.
As part of this effort, the Fund has implemented several improvements. Since 2021, we have minimized the required documentation. Additionally, the requirement to submit a business plan for loans up to 200,000 manat has been eliminated," Khaliyev noted.