BAKU, Azerbaijan, February 2. The state guarantees up to 90 percent of business loans made to entrepreneurs operating in Azerbaijan's liberated territories, Trend reports.
A presentation of the information system "Electronic Credit and Guarantee" on "Support Mechanism for Entrepreneurs Operating in the Territories Liberated from Occupation" was held at the Entrepreneurship Development Fund under the Ministry of Economy of Azerbaijan.
Osman Khaliyev, Chairman of the Board of the Foundation, announced that, beginning February 1, entrepreneurs operating in Azerbaijan's liberated regions will be able to apply to the guarantee and subsidy mechanism. Thus, entrepreneurs that have registered in the information system "Electronic Credit and Guarantee" through the portal e-gov and the website edf.gov.az can apply to use the mechanism.
Within the framework of the mechanism, entrepreneurs implementing an investment project in these territories are provided with a state guarantee for 90 percent of business loans up to 5 million manat for a period of up to 7 years and an interest rate of up to 15 percent per annum. Meanwhile, 10 percent of the annual interest rates on these loans are subsidized by the state for up to 36 months, and a grace period of up to 36 months, not exceeding half of the loan term, is applied.
Note that the Entrepreneurship Development Fund, which is part of Azerbaijan's Ministry of Economy, is implementing the "Support for entrepreneurs operating in the territories liberated from occupation" mechanism to help with the resumption of economic activity and accelerate investment in these territories. The method is meant for entrepreneurs working in these regions in any sector of the economy (other than oil) that is not prohibited by law.
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