Azerbaijani ministry of economic development, WB discuss loan terms to finance enterprinership

Business Materials 17 July 2009 19:11 (UTC +04:00)

Azerbaijan, Baku, July 17 / Trend N. Ismayilova /

The national fund for entrepreneurship support under the Azerbaijani ministry of economic development discusses loan terms worth $100 million with WB to finance small and medium enterprises, executive director of the fund Shirzad Abdullayev said on July 17.

"Funds are planned to drawn at 2-3 percent for a term from 5-7 years. But they are initial terms. Loan will be envisaged for financing of entrepreneurs, especially regions of Azerbaijan," Abdullayev said. 

He said that estimation of financial accounting of the fund for 2008 has already completed by the international auditor Baker Tilly Audit Azerbaijan. The fund will submit audit report for consideration of WB mission soon.

Besides loan rate banking difference in rates and 1 percent of national fund for entrepreneurship support can be added while financing entrepreneurs in case of loan resources drawn from WB or other financial institutes with annual rate of 2-3 percent.  

Preferential loans are planned to be granted to the amount of 130 million manat through the fund in 2009, 74 million manat falls on budget funds, 56 million manat were formed owing to earlier granted resources.

On July 17, the official exchange rate is 0.8041 manat to $1. 

Do you have any feedback? Contact our journalist at [email protected]