BAKU, Azerbaijan, March 12. Azerbaijan has allocated concessional loans worth over 32.1 million manat ($18.8 million) to fund a total of 547 business projects in the first two months of 2025, the Entrepreneurship Development Fund (EDF) told Trend.
According to the Fund, these financial instruments are projected to catalyze the generation of 509 new employment opportunities as an outcome of the capitalized initiatives.
The Fund also noted that for the entire year of 2024, concessional loans totaling over 248.1 million manat ($145.9 million) have been allocated to finance more than 5,700 entrepreneurial projects.
Last year, the Entrepreneurship Development Fund reported that over half of the concessional loans (53.3 percent) were directed towards agricultural product production. Additionally, 38.1 percent of the loans supported the manufacturing and processing of industrial products, while 2.1 percent was allocated to tourism, and 6.5 percent was directed towards other sectors.
The Entrepreneurship Development Fund of the Republic of Azerbaijan was instituted in 1992. The fundamental objective of the fund is to deliver fiscal backing to commercial entities in Azerbaijan, facilitating the enhancement of synergies between governmental bodies and entrepreneurs while fostering an ecosystem rooted in reciprocal trust through the advocacy of optimal global methodologies for the refinement of state support frameworks aimed at advancing entrepreneurial initiatives.
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