Baku, Azerbaijan, Nov. 20
By Taleh Mursagulov - Trend:
The Asian Development Bank (ADB) proposes to introduce a single rate on loans for all entrepreneurs in Azerbaijan, Head of the ADB Azerbaijan Office Nariman Mannapbekov said.
He was speaking Nov. 20 at a public hearing on the improvement of legislation in the field of entrepreneurship development held in the Azerbaijani parliament.
He said that there are hundreds of thousands of subjects of small and medium-sized enterprises (SMEs) in Azerbaijan, but the Entrepreneurship Development Fund supports about 1,000 entrepreneurs by issuing preferential loans.
In accordance with the procedure, the annual interest rate on the loans of the Fund is one percent, another four percent account for the rate of an authorized credit institution. The minimum amount of a preferential loan that the Fund can provide is 5,000 manats, and the maximum amount is 10 million manats.
At the same time, small loans (from 5,000 to 50,000 manats) are allocated for a period of up to three years, medium loans (from 50,001 to 1 million manats) are allocated for a period of five years, large loans (from 1,000,001 to 10 million manats) are allocated for a period of up to ten years.
(1.7 manats = 1 USD on Nov. 20)
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