$33.5m subsidies provided to businesses affected by COVID-19

By Azernews

By Ayya Lmahamad

Azerbaijan has provided subsidies in the amount of AZN 57 million ($33.5M) to entrepreneurs operating in the areas affected by the pandemic, the country's Economy Minister Mikayil Jabbarov wrote on his official Twitter page on July 7.

The minister stated that within the credit guarantee support program on the existing loan portfolio of entrepreneurs operating in the areas affected by the pandemic, 5,463 applications have been received and 82.3 percent or 4,497 of them were approved for subsidies.

In yet another post, Jabbarov wrote that the Entrepreneurship Development Fund has provided state guarantees for new business credits in the amount of AZN 129.7 million ($76.2M) during the first five months of 2021.

"This support was granted under the state loan-guarantee mechanism based on 847 loan applications worth AZN 224.1 million. These applications were received through Electronic Credit Platform," the minister wrote. 

Earlier, Jabbarov stated that 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.