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By Azernews
By Ayya Lmahamad
The Entrepreneurship Development Fund under the Economy Ministry issued preferential loans worth AZN 24.9 million ($14.6M) to finance 339 investment projects during the period of January-May 2021, Economy Minister Mikayil Jabbarov wrote on his official Twitter page on July 7.
The minister said that 95.7 percent of allocated preferential loans were provided to micro, small and medium enterprises, adding that these loans are expected to create about 770 new jobs.
Some 21 percent of the preferential loans were allocated to entrepreneurs working in Baku and surrounding settlements, while 79 percent to entrepreneurs operating in the regions.
"37.6 percent of these loans were directed to production and processing of industrial products, 53.7 percent to agriculture and 8.7 percent to the development of other sectors," the minister said.
Earlier, Jabbarov underlined that the fund's strategic goals for 2021-23 include expanding access of entrepreneurs to financial resources, support to establishing and developing enterprises based on innovative technologies and sustainable development of the fund.