BAKU, Azerbaijan, December 4. The Entrepreneurship Development Fund under Azerbaijan's Ministry of Economy has issued loans worth 1.4 million manat ($823,529) to Nakhchivan entrepreneurs from February to November 2023, according to Azerbaijani Economy Minister Mikayil Jabbarov on X (Twitter), Trend reports.
"From February to November of this year, entrepreneurs in the Nakhchivan Autonomous Republic benefited from the concessional loan mechanism of the Ministry of Economy's Entrepreneurship Development Fund." During this time, 21 Autonomous Republic microentrepreneurs received concessional loans totaling more than 1.4 million [$823,529]. Notably, the Autonomous Republic secured concessional loans for 9 projects in agriculture, 6 in industrial products production (including agrarian processing), 3 in public catering, 2 in logistics, and 1 in tourism," he stated.
In total, the Azerbaijan Entrepreneurship Development Fund funded 2,726 investment projects in 2022. The Fund offered soft loans totaling 145.9 million manat ($85.8 million).
According to the Fund's data, 87.1 million manat ($51.2 million) of the issued loans are for agricultural product production, 37.3 million manat ($21.9 million) for industrial product production and processing, 9.1 million manat ($5.3 million) for tourism, and 12.4 million manat ($7.2 million) for other sectors.
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