Azerbaijan allocates $313.6m to support businesses over COVID-19

Date

5/22/2020 9:08:53 AM

(MENAFN- AzerNews)

By Ayya Lmahamad

Azerbaijan's Ministry of Finance has allocated AZN 533.3 million ($313.6m) to business structures and individual entrepreneurs affected by COVID-19, press-service of the ministry reported on May 21.

'Some AZN 69.12 ($40.6M) is allocated from the state budget for the payment of salaries to workers working in the areas affected by the pandemic, and AZN 55.64 million ($32.7M) for the financial support of individual entrepreneurs. Moreover, AZN 35 million ($20.5M) has been transferred to the Fund for Entrepreneurship Development for providing guarantees and subsidizing entrepreneurial credits, the ministry stated.

In addition, the Ministry of Finance transferred AZN 229 million ($134.7M) to the Ministry of Labor and Social Protection to provide lump sum payment of AZN190 ($111.7) during two months to 600.000 people and AZN 15 million ($8.8M) to provide temporary employment to the unemployed.

'As stipulated in the Action Plan, financial support is also provided for the sphere of passenger transportation, which is vital for the economy. As part of the measures of the state support, AZN 86.9 million ($51.1M) was transferred to AZAL [Azerbaijani Airlines]. Financial support allocated from the state budget is primarily aimed at paying salaries and equivalent payments to employees working in AZAL and in its subordinate organizations, payables to external and internal institutions, utilities and other minimum operating expenses, report says.

Moreover, from the state budget AZN 2.6 million ($1.5m) was transferred to Baku Metro as part of the financial support measures.

At the same time, AZN 40 million ($23.5m) has been transferred to the Mortgage and Credit Guarantee Fund for provision of privileged mortgage loans.

Furthermore, the Ministry of Economy allocated AZN 1.6 million ($941.2m) for the payment of salaries of economic entities employees operating in Nakhchivan Autonomous Republic, as well as AZN 2.3 million ($1.3M) for financial assistance to micro- entrepreneurs.

'In addition, AZN 3.6 million ($2.1m) was transferred to provide state support to persons registered as unemployed. Up to AZN 1.2 million ($729.411) was allocated to the Cabinet of Ministers to compensate salaries and other operating costs of the Nakhchivan International Airport, and to provide financial assistance to seven economic entities working in the field of long-distance and in-city transportation, the ministry said.

Financing of operations to all areas affected from COVID-19 are being carried out in line with the Cabinet of Ministers' Action Plan.

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