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Azerbaijan develops new mechanism on entrepreneurship loans

Finance Materials 15 May 2020 12:51 (UTC +04:00)
Azerbaijan develops new mechanism on entrepreneurship loans

BAKU, Azerbaijan, May 15

By Fidan Babayeva - Trend:

Azerbaijan’s Finance for Development Non-Bank Credit Organization (NBCO) developed a plan of a new mechanism on lending to entrepreneurship at the beginning of 2020, Chairman of the board of the NBCO Jalal Aliyev told Trend.

The plan also includes facilitating access to financial resources for entrepreneurs, especially micro and small farmers, as well as family agricultural enterprises.

The chairman noted that this plan was completed during the COVID-19 quarantine period and approved by a decision of the board on April 30, 2020, and from May 4, 2020 it began to operate.

"During this period, Finance for Development NBCO has connected to almost all active online and other alternative payment channels. Acceptance of payments was carried out through the Million, Azerpoçt and BirBank terminals," Aliyev emphasized.

“The NBCO has been offering new loan products since May 4, 2020. These are lending mechanisms such as micro entrepreneurship loans, credits to micro-entrepreneurs working with mark of distinction, loans to family farmers, loans to entrepreneurs of small and medium-sized enterprises (SMEs), loans to strengthen assets, and agricultural loans,” Aliyev said.

Finance for Development NBCO is a credit organization created by the Oxfam international humanitarian organization (UK) to provide financial services on a permanent basis to working people who do not have access to alternative financial services.

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