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Azerbaijan's Entrepreneurship Dev't Fund positively responds to most loan inquiries in 2020

Business Materials 16 February 2021 19:41 (UTC +04:00)
Azerbaijan's Entrepreneurship Dev't Fund positively responds to most loan inquiries in 2020

BAKU, Azerbaijan, Feb. 16

By Zeyni Jafarov - Trend:

In total, 1,072 applications/inquiries from business entities to 17 credit institutions authorized by the Entrepreneurship Development Fund under the Ministry of Economy of Azerbaijan for obtaining a soft loan were received in 2020, Trend reports referring to a source in the fund.

According to the source, 886 applications were positively assessed, and 186 applications were rejected due to the inconsistency of documents of the business entities within the current legislative requirements.

As the source said, the total demand for lending applications amounted to 179.8 million manat ($105.7 million), including demand for positively evaluated applications - 88.5 million manat ($52 million), and for rejected applications - 91.4 million manat ($53.7 million).

The received 1,072 applications envision opening of 4,660 new jobs, of which 54.1 percent fall on projects considered acceptable, added the source.

The Entrepreneurship Development Fund started its activity in 2002. It was set up to strengthen government support for entrepreneurship and implements its policy in accordance with the economic development priorities of the country.

(1 USD = 1.7 AZN on Feb.16)

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