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Preferential loans volume for Azerbaijani business won’t change

Tuesday, September 27
In 2017, the volume of funds allocated from the state budget for the National Fund for Entrepreneurship Support under Azerbaijan’s Economy Ministry, will remain at the level of the current year, the country’s Finance Minister Samir Sharifov told reporters Sept. 26 in Baku.

For the issuance of preferential loans, entrepreneurs will be provided with 250 million Azerbaijani manats (1.6292 AZN/USD on Sept. 26) through the Fund in 2016, including 70 million manats – by budgetary funds.

The minister said also that funds, allocated for the Fund, together with accumulated and returned loans that were previously issued by the Fund, will be used for the issuance of preferential loans. It will contribute to the involvement of a greater number of entrepreneurs in the economy that, in turn, will lead to its further growth.

Since early 2016, the National Fund for Entrepreneurship Support allocated preferential loans worth 102.7 million manats for entrepreneurs. These loans will allow creating about 5,500 new jobs.

The National Fund for Entrepreneurship Support was created in 1992.

The issuance of loans for entrepreneurs is carried out through authorized banks and non-bank credit organizations, overall number of which is 59.