Azerbaijan may expand concessional lending to businesses

Azerbaijan may expand concessional lending to businesses

Baku, Azerbaijan, Feb. 18

By Huseyn Veliyev - Trend:

Annual lending to businesses through the Entrepreneurship Development Fund of Azerbaijan may reach 180 million manats, Economy Minister Shahin Mustafayev said Feb. 18, Trend reports.

The minister reminded that the Entrepreneurship Development Fund, created last year, performs a part of the functions of the former National Fund for Entrepreneurship Support (NFES). The new fund is issuing loans at a lower interest rate of 5 percent (6 percent by NFES), he added.

The minister noted that so far loans worth 2.25 billion manats have been allocated through the NFES and subsequently the Entrepreneurship Development Fund.

"The fund’s loan portfolio exceeds 1 billion manats," he said. "Over the past three years, the fund hasn’t used budget funds to lend to the businesses in Azerbaijan and annually issues 160-170 million manats at the expense of the returned funds. In accordance with our forecasts, entrepreneurs will receive about 160-170 million manats and sometimes 180 million manats annually."

In 2019, there are plans to issue preferential loans worth 160 million manats through the Entrepreneurship Development Fund

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Follow the author on Twitter: @h_veliyev

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