Azerbaijan Entrepreneurship Dev't Fund Allocates Loan To Support Local Production

3/10/2023 5:18:02 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 10. Azerbaijan Entrepreneurship Development Fund, one of the main goals of which is to stimulate local production and business, has allocated a loan to a local Greener LLC, trend reports via the tweet of Azerbaijan's Minister of Economy Mikayil Jabbarov.

'Within the framework of the financial support for the business entities operating in regions, the Entrepreneurship Development Fund has allocated 1 million manat ($588,235) in concessional loan to Greener LLC for the establishment of the modern greenhouse farming in Sabirabad district,' the minister said.

In total, the Fund has financed 2,726 investment projects in 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 5 financial institutions by the number of concessional loans issued are as follows: Bank Respublika - 746 concessional loans, Yelo Bank - 350, Unibank - 318, Rabitabank - 282, and 'Aqrarkredit' NBCO - 282.

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