Issuance of loans to women entrepreneurs to start in Azerbaijan (Exclusive)
Baku, Azerbaijan, Feb. 12
By Matanat Nasibova – Trend:
Azerbaijan's Women Entrepreneurs Association and Turanbank intend to closely cooperate in the development of women's entrepreneurship in various segments of the economy, Sakina Babayeva, head of the association, told Trend.
She said the association is looking for new options aimed at supporting women’s entrepreneurship, and there is certain progress in this direction.
Babayeva added that a mechanism for issuing loans through Turanbank for development of women’s entrepreneurship has already been launched.
"The conditions for issuing loans are quite optimal," she said. "For example, loans worth up to 2,000 manats are issued without any collateral for women starting their businesses. Loans worth 2,000-5,000 manats are issued upon a letter of guarantee from the association, and loans worth 5,000-10,000 manats require a pledged collateral. We applied with a similar offer to most banks, but unfortunately, we were supported by only one bank in Baku."
She said that in line with the tasks of the association, in the next three years, women’s entrepreneurship should cover important segments of the agriculture sector, as well as priority sectors of the economy.
More than 143,000 women are engaged in business in Azerbaijan.
(1.7 AZN = 1 USD on Jan. 24)
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