BAKU, Azerbaijan, Feb. 9
By Fidan Babayeva - Trend:
The Entrepreneurship Development Fund operating under the Ministry of Economy of Azerbaijan has defined a strategy for the development of entrepreneurship for the current year, Chairman of the Fund’s board, Kanan Najafov said, Trend reports.
Najafov made the remark at an online press conference on the Fund’s activities for 2020 and tasks for 2021.
According to the chairman, one of the main tasks within the development strategy is to ensure the sustainable development of the Fund.
“The Fund’s main current strategic goals are to expand the access of entrepreneurs to preferential financial resources, support the creation and development of new enterprises based on innovative technologies, and ensure the sustainable development of the Fund. For this purpose, the Fund has developed and has already begun implementing a plan of special events,” he said.
Najafov also added that it is planned to provide new business loans for 370 million manat ($217.6 million), state guarantees for these loans in the amount of 222 million manat ($130.5 million) and an interest subsidy worth 58 million manat ($34.1 million), as well as funds for subsidizing interest on existing loans worth 80 million manat ($47 million).
The Entrepreneurship Development Fund has been operating since 2002. It was created to strengthen state support for entrepreneurship, it is an important institutional organization that provides soft loans to entrepreneurs and implements its activities in accordance with the priorities of the development of the Azerbaijani economy.
(1 USD = 1.7 AZN on Feb. 9)