Azerbaijan Unveils Short-Term Loans Issued To Smes| MENAFN.COM

Saturday, 04 February 2023 01:04 GMT

Azerbaijan Unveils Short-Term Loans Issued To Smes


(MENAFN- Trend News Agency)

BAKU, Azerbaijan, January 25. The Entrepreneurship Development Fund of Azerbaijan allocated 104.2 million manat ($61.2 million) of easy-term loans to 2,710 small and medium-sized business projects throughout 2022, Minister of Economy Mikayil Jabbarov tweeted, trend reports.

'The state support for entrepreneurs, stimulating measures, and short-term loans ensure the favorable environment for business activity,' the minister wrote.

In total, the Fund has financed 2,726 investment projects from January through December 2022. In this regard, the Fund issued easy-term loans worth 145.9 million manat ($85.7 million).

Out of the overall loans, 87.1 million manat ($51.16 million) were issued to agricultural output, 37.3 million manat ($21.9 million) – the industrial production and processing, 9.1 million manat ($5.3 million) – tourism, and 12.4 million manat ($7.28 million) – other industries.

The top five financial institutions providing short-term loans include Bank Respublika (746 loans), Yelo Bank (350 loans), Unibank (318 loans), Rabitabank (282 loans), and Agrarcredit NBCO (282 loans).

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