BAKU, Azerbaijan, February 15. The Entrepreneurship Development Fund under the Azerbaijani Ministry of Economy received 6,338 applications under the interest subsidy mechanism on the existing loan portfolio, out of which 5,052 were welcomed, as of February 15, 2023, the Fund's Press Service told Trend.
"The approved amount for interest subsidy on existing loans provided to entrepreneurs is 71.9 million manat ($42.29 million). A total of 68.9 million manat ($40.5 million) has already been paid out to business entities," the press service said.
The Entrepreneurship Development Fund of Azerbaijan allocated 104.2 million manat ($61.29 million) of easy-term loans to 2,710 small and medium-sized business projects throughout 2022.
During a press conference on the 2022 results, held in January 2023, Chairman of the Fund's Executive Board Osman Khaliyev said that the Fund had adopted new lending mechanisms for entrepreneurs on the liberated lands. Within this mechanism, 450 million manat ($264.7 million) was allocated for state guarantees and 150 million manat ($88.2 million) for subsidies.