TODAY.AZ / Business

Lerik entrepreneurs receive soft loans

13 September 2019 [15:11] - TODAY.AZ

By Azernews

By Leman Mammadova

Entrepreneurship Development Fund under the Ministry of Economy continues to provide entrepreneurs operating in the regions with financial support to stimulate entrepreneurship all over the country.

The Entrepreneurship Development Fund issued soft loans totaling 103 million manats ($60.61 million) since early 2019, Sahib Mammadov, Deputy Economy Minister, said at a business forum on soft lending for entrepreneurship in Lerik region on September 12.

He noted that the loans have been issued for financing of investment projects worth 404.8 million manats ($238 million).

“The implementation of these projects will open up 3,500 jobs in the country,” Mammadov added.

As part of the event, 36 entrepreneurs of the Lankaran economic region have been granted soft loans worth 456,400 manats ($268,548) by the Entrepreneurship Development Fund. The loans will be directed to the development of livestock, agriculture, horticulture etc.

In general, 125.7 million manats ($73.96 million) has been allocated to finance more than 3,500 investment projects in the Lankaran economic region.

Presentations were held on the priority spheres for the realization of economic potential of Lerik region, including on rural tourism, potato farming, beekeeping, breeding, fruit and vegetable processing enterprises.

As part of the forum, a tourism complex granted with soft loan was reviewed.

A day earlier, the Entrepreneurship Development Fund allocated soft loans at 2.6 million manats ($1.53 million) to the entrepreneurs operating in the settlements of Baku, which will be used for livestock production, gardening, bread, container and furniture production, etc.

This year, 101.4 million manats ($59.66 million) of soft loans have been provided to finance 774 investment projects worth 400.4 million manats ($235 million) in Baku. Some 96.3 percent of the loans accounted for small and medium-sized loans, which was directed for financing small and medium-sized businesses.

In total, the entrepreneurs of Baku received soft loans worth 686.6 million manats ($404 million) for the implementation of over 2,731 projects.

Azerbaijani Entrepreneurship Development Fund was established on the basis of the National Fund for Entrepreneurship Support, operating in the country since 1997.

The authorized capital of the Fund was set at 1.9 billion manats ($1.1 billion). Loans are issued for 5,000 ($2,933) to 50,000 manats ($29,326) for a period of 3 years, from 50,000 to 1 million manats ($586,510) for 5 years and from 1 million to 10 million ($5.87 million) for 10 years. The annual loan rate is 5 percent.

The Fund intends to issue soft loans worth 160 million manats ($94 million) this year.

In general, the Fund has issued soft loans in the amount of more than 2.3 billion manats ($1.35 billion) so far. About 68 percent of the loans was directed to the agricultural sector.


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