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Azerbaijan's Nakhchivan increases lending to local entrepreneurs in 2020

Finance Materials 26 January 2021 14:26
Azerbaijan's Nakhchivan increases lending to local entrepreneurs in 2020

BAKU, Azerbaijan, Jan.26

By Zeyni Jafarov – Trend:

Entrepreneurs in Azerbaijan’s Nakhchivan Autonomous Republic received loans worth 37.7 million manat ($22.18 million) in 2020, meaning rise of 29.8 percent compared to 2019, Trend reports referring to the report of the State Statistical Committee of Azerbaijan.

According to the report, of the issued loans, 16.86 million manat ($9.92 million) were spent on creating or expanding new production facilities, and 20.8 million manat ($12.24 million) - on developing private entrepreneurship.

In total, 37 legal entities and 2,404 individuals had been registered in Nakhchivan during the reporting period.

The republic produces 384 types of products, 127 of which are food products. The demand for 350 types of products is fully covered by local resources.

(1 USD = 1.7 AZN on Jan.26)

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Follow the author on Twitter: @jafarov_zeyni

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