...

Azerbaijan's Entrepreneurship Fund talks financing new technology-based projects

Business Materials 17 February 2021 05:01
Azerbaijan's Entrepreneurship Fund talks financing new technology-based projects

BAKU, Azerbaijan, Feb. 17

By Zeyni Jafarov - Trend:

The Entrepreneurship Development Fund under the Ministry of Economy of Azerbaijan allocated soft loans amounting to 89.3 million manat ($52.5 million) for financing new technology-based investment projects in 2020, Trend reports referring to a source in the fund.

According to the source, in the reporting year, 46 enterprises based on new technologies were given partial financing in the amount of 323.3 million manat ($190.1 million) via the fund.

"Last year, the volume of small soft loans issued by the fund equaled 12.2 million manat or $7.1 million (for 773 projects), medium-sized loans - 22.4 million manat or $13.1 million (for 97 projects), and large loans - 92.3 million manat or $54.3 million (38 projects)," the source said.

Some 99.5 percent (903 projects) of the loans issued in 2020 fell on micro, small and medium-sized business enterprises, 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)

---

Follow the author on Twitter: @jafarov_zeyni

Tags:
Latest

Latest