BAKU, Azerbaijan, Nov. 3
By Zeyni Jafarov - Trend:
Azerbaijani entrepreneurs received loans worth over 58.6 million manat ($34.4 million) under the guarantees of the Azerbaijan Mortgage and Credit Guarantee Fund in October 2020, Trend reports referring to the fund.
At the moment, the amount of loans issued to entrepreneurs under state guarantees and with interest subsidies exceeded 180 million manat ($105.8 million).
“The average term of guaranteed loans is 31 months, and the interest rate on loans provided to clients through subsidies is 6.5 percent. Through these loans, more than 2,700 new jobs will be created by financing business projects. The amount of loans issued to clients at the expense of the fund's guarantees ranged from 40,000 manat ($23,529) to 5 million manat ($2.94 million),” said the report.
So, within the framework of the mechanism for providing guarantee and interest subsidies, the volume of loans issued to entrepreneurs through the fund is growing rapidly.
The government continues to take measures to support entrepreneurship and create a favorable business environment not only during the coronavirus pandemic, but also in the post-pandemic period.
As a result, conditions have been created for the successful implementation of the tasks set to develop the sector as a whole, maintain the non-oil sector of the economy in Azerbaijan and create new jobs.
(1 USD = 1.7 manat on Nov. 3)
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