By Azernews

By Abdul Kerimkhanov

Azerbaijan Entrepreneurship Development Fund continues the work on facilitating the further development of private businesses in the country.

The Fund has issued soft loans totaling 101.4 million manats ($59.6 million) since the beginning of 2019, the Ministry of Economy said in a message.

As many as 774 entrepreneurs received these funds for the implementation of projects worth 400.4 million manats ($235.5 million). The implementation of these projects will open up more than 3,400 jobs.

On September 11, the Fund issued preferential loans of 2.6 million manats ($1.53 million) to entrepreneurs of the Binagadi district of Baku. The loans will be used to implement projects in the areas of livestock, horticulture, production of bread, containers and furniture.

Over the entire period of the Entrepreneurship Development Fund’s activity, entrepreneurs from the capital were granted soft loans totaling 686.6 million manats ($403.9 million).

The volume of preferential lending to businesses through the Fund amounted to 160.2 million manats ($94.2 million) in 2018, while this year, the volume of lending will be at least 160 million manats ($94.1 million).

Loans are issued in the amount of 5,000-50,000 manats for a period of three years; from 50,000 to 1 million manats for five years and from 1 million to 10 million manats for 10 years. The annual interest rate on loans is 5 percent.

Public-private relations and non-oil sector development, incentives in the private sector, state support to the agricultural sector as well as to small and medium-sized businesses have always been in the spotlight of Azerbaijan.

Relevant decrees by the president on improving the Fund's activities resulted in the creation of favorable conditions for efficient use of concessional loans by entrepreneurs.

The annual interest rate on concessional loans provided by the Entrepreneurship Development Fund was reduced from 6 to 5 percent to ensure their more effective use.