Baku, Azerbaijan, May 15
By Sara Israfilbayova – Trend:
The volume of concessional lending for entrepreneurship in Azerbaijan amounted to 2.3 billion manats, Sahib Mammadov, Deputy Economy Minister of Azerbaijan, said at an event titled The Role of the Private Sector for Implementing Sustainable Development in Baku, Trend reports.
According to the deputy minister, 1 billion of these funds were allocated from the state budget, while the remaining 1.3 billion were allocated from returned funds.
The allocated loans were directed to the implementation of projects worth 5.5 billion manats, Mammadov added.
"Today, a strong entrepreneurial base has been formed in Azerbaijan. The number of business entities in the country has exceeded 990,000. The private sector accounts for 85 percent of GDP and 74 percent in employment," Mammadov said.
The Deputy Minister stressed that the country also creates conditions for expanding the country's export potential.