BAKU, Azerbaijan, August 6. The Azerbaijan Entrepreneurship Development Fund under the Ministry of Economy issued 65.7 million manat ($38.6 million) loans to entrepreneurs from January through July 2022 (an increase of 34.7 percent, or 22.8 million manat ($13.4 million) compared to the same period of 2021) as part of the concessional lending mechanism, the Fund told Trend.
The funds will be allocated for the implementation of 1,589 projects.
"These funds are expected to contribute to the creation of 1,607 new jobs," the fund said.
In the same period of 2021, the Azerbaijan Entrepreneurship Development Fund gave out easy-term loans in the amount of 42.9 million manat ($25.2 million) for 774 projects. A total 1,160 new jobs have been created through the implementation of these projects. Over the entire period, the fund issued loans to 41,475 entrepreneurs in the amount exceeding 2.743 billion manat ($1.6 billion).