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Azerbaijan's Economy Ministry talks mechanism for providing loans via e-platform

Finance Materials 10 September 2020 17:36
Azerbaijan's Economy Ministry talks mechanism for providing loans via e-platform

BAKU, Azerbaijan, Sept. 10

By Zeyni Jafarov - Trend:

A total of 19 credit organizations were attracted to issue loans through the electronic credit platform in Azerbaijan, the Azerbaijani Ministry of Economy told Trend.

According to the ministry, the mechanism for issuing a loan on the platform of the electronic system of the noted organizations is being implemented in several stages.

“Firstly, entrepreneurs on the website www.e-edf.gov.az with the help of ‘Asan İmza' send an application for a state guarantee loan and an authorized credit organization, together with the Entrepreneurship Development Fund of Azerbaijan, simultaneously analyze the appeal and post their opinion on the platform,” the ministry said.

“Further, if both organizations have made a positive decision, the entrepreneur is sent the terms of the loan proposed by the authorized credit institution and if the entrepreneur agrees, he confirms the terms of the proposed loan,” noted the ministry.

“At the subsequent stages of issuing a loan, the customer applies to the Entrepreneurship Development Fund to get a letter of guarantee from a credit institution and the fund sends the letter to an authorized structure so that the authorized credit institution can arrange a loan with an entrepreneur. Currently, work is underway to implement these stages through the platform,” the ministry noted.

The ministry added that issuing loans to entrepreneurs through this platform will improve the efficiency of lending in the country.

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