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Azerbaijan reveals amount of loans guaranteed through e-credit platform in 2020

ICT Materials 9 February 2021 14:04
Azerbaijan reveals amount of loans guaranteed through e-credit platform in 2020

BAKU, Azerbaijan, Feb. 9

By Fidan Babayeva - Trend:

The Entrepreneurship Development Fund under the Azerbaijani Ministry of Economy, through an electronic credit platform, created in the country for the first time by the Ministry of Economy, guaranteed 433 loans worth 148 million manat ($87 million) in 2020, Chairman of the Fund’s board, Kanan Najafov said, Trend reports.

Najafov made the remark at an online press conference on the Fund’s activities for 2020 and tasks for 2021.

According to Najafov, in June 2021, in order to support entrepreneurs working in coronavirus-hit areas, two mechanisms, namely, loan guarantees and subsidized interest rates were launched.

For the first time in the country, the Ministry of Economy has created a digital credit platform and launched it for entrepreneurs to receive online applications for new business loans as part of the loan guarantee mechanism, Najafov said.

“In 2020, more than 3,300 applications for new business loans worth 949 million manat ($558.2 million) were registered through this platform. Of these applications, the Fund guaranteed 433 loans worth 148 million manat ($87 million). The volume of guarantees for guaranteed applications made up 86.1 million manat ($50.6 million). The loan volume for the applications that came into force amounted to 130 million manat ($76.4 million), and the amount of the guarantee - 74.8 million manat ($44 million),” he said.

The Entrepreneurship Development Fund has been operating since 2002. It was created to strengthen state support for entrepreneurship, it is an important institutional organization that provides soft loans to entrepreneurs and implements its activities in accordance with the priorities of the development of the Azerbaijani economy.

(1 USD = 1.7 AZN on Feb. 9)

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