BAKU, Azerbaijan, December 4. The Azerbaijan Entrepreneurship Development Fund, one of whose main missions is to boost local production and business, has granted Baku Stone Factory LLC a soft loan, Azerbaijani Economy Minister Mikayil Jabbarov wrote on X (Twitter), Trend reports.
"Baku Stone Factory LLC has received a 60,000 manat [$35,294] concessional loan from the Entrepreneurship Development Fund. The company will produce building materials. Supporting construction material production is critical to satisfying the increased demand for local products in this industry," he said.
In 2022, Azerbaijan's Entrepreneurship Development Fund funded 2,726 investment projects. The Fund made soft loans of 145.9 million manats ($85.8 million).
According to the Fund's data, 87.1 million manat ($51.2 million) of the loans issued 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.