Azerbaijan expanding access of small business to soft loans (UPDATE)
Headline changed, details added (first version posted on 12:10)
Baku, Azerbaijan, March 6
By Ilkin Shafiyev - Trend:
The National Fund for Entrepreneurship Support of Azerbaijan, the Center for Simplified Support to Family Businesses (ABAD) and Azer Turk Bank signed a protocol of intent for cooperation.
The signing ceremony took place at the Baku Business Center on March 6.
The protocol was signed by Chairman of Executive Board at Azer Turk Bank Orkhan Huseynov, ABAD Director Rufat Elchiyev and Executive Director of the National Fund for Entrepreneurship Support of Azerbaijan Shirzad Abdullayev.
According to the document, the National Fund for Entrepreneurship Support of Azerbaijan will support through soft loans the investment projects of small businesses that work with ABAD.
Azer Turk Bank, for its part, will act as an authorized bank through which these loans are provided to entrepreneurs.
The annual interest rate on soft loans, which entrepreneurs receive, is 4 percent.