Azerbaijan discloses amount of loans issued to entrepreneurs through e-credit platform
BAKU, Azerbaijan, Sept. 16
By Zeyni Jafarov - Trend:
More than 2,700 applications for receiving the business loans worth 765.3 million manat ($450.2 million) have been registered through the e-credit platform (www.e-edf.gov.az) created by the Azerbaijani Ministry of Economy to issue the state-guaranteed loans to the entrepreneurs affected as a result of coronavirus (COVID-19) pandemic in an easy and transparent form, Trend reports citing the Ministry of Economy.
A decision has already been made to allocate the loans worth 52.6 million manat ($30.9 million) upon 253 applications. Other applications are currently being considered. The entrepreneurs will be informed about the results through an e-platform.
The new e-credit platform allows entrepreneurs to apply for business loans, simultaneously view the applications to three authorized credit organizations and the Entrepreneurship Development Fund and also track the status of their applications in real time. This expands the entrepreneurs' access to get the loans, saves time and money.
In accordance with the mechanism for providing state guarantees and subsidizing interest, the state guarantees up to 60 percent of the loan portfolio in the amount of 500 million manat ($294 million) and also finances 50 percent of the annual interest rate of these loans.
(1 USD = 1.7 AZN on Sept. 16)