BAKU, Azerbaijan, Feb. 16
By Fidan Babayeva - Trend:
The Entrepreneurship Development Fund of Azerbaijan under the Ministry of Economy issued 47.3 million manat ($27.8 million) for the implementation of 59 projects for the production and processing of industrial products in 2020, Trend reports with reference to the Fund.
According to the Fund, 37.3 percent of the preferential loans in 2020 issued to the industrial sector.
“Out of 126.9 million manat ($74.6 million) of preferential loans issued by the Entrepreneurship Development Fund over the past year, 0.7 million manat ($411,764) or 0.5 percent (for 7 projects) were allocated to the tourism sector,” said the report.
Some 44.5 percent of the loans were directed to the production of agricultural products, 12.5 percent - to the processing of agricultural products, 37.3 percent - to the production and processing of industrial products, 5.7 percent - to the tourism sector, the report reads.
The Entrepreneurship Development Fund under the Ministry of Economy of Azerbaijan has been operating since 2002. It was created to strengthen state support for entrepreneurship and implements its policy in accordance with the development priorities of Azerbaijan's economy.
(1 USD = 1.7 AZN on Feb. 16)
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