BAKU, Azerbaijan, Apr. 14
By Fidan Babayeva - Trend:
At the expense of Azerbaijan’s Enterprise Development Fund, 1,573 entrepreneurs with a total project cost of 638 million manat ($375.2 million), including 1,527 small and medium-sized projects worth 40.3 million manat ($23.7 million), were granted soft loans in the amount of 175 million manat ($102.9 million) in 2019, Trend reports citing a report on the activities of the Cabinet of Ministers.
According to the report, 68 percent of loans were allocated for the development of the agricultural sector, 32 percent - for the development of the industrial sector.
In 2019, soft loans in the amount of 45.5 million manat ($26.8 million) were issued to 249 young entrepreneurs, 13.8 million manat ($8.1 million) – to 142 female entrepreneurs and 5.3 million manat ($3.1 million) – to 88 internally displaced entrepreneurs.
Meanwhile, 91 documents on investment incentives were presented to 79 business entities and 1,023 supporting documents – to 201 business entities.
As a result of the implementation of the projects presented in the document on investment promotion, it was planned to invest 976.8 million manat ($574.5 million) in local production and the creation of 5,345 new jobs.
In 2019, 58.2 percent of the presented documents on investment promotions accounted for projects in industry, 37.4 percent - agriculture, 4.4 percent - in tourism. Meanwhile, 29.7 percent of all projects accounted for the settlements of Baku city and Absheron region, 70.3 percent - for other cities and regions.
(1 USD = 1.7 AZN on Apr. 14)
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