(MENAFN- AzerNews)
Nigar Hasanova Read more
According to the decision of the Cabinet of Ministers of the
Republic of Azerbaijan dated July 9, 2020, it is planned to provide
a state guarantee for the return of up to 60 percent of the loan
amount allocated to entrepreneurs by commercial banks in 2020-2021
within the framework of measures to provide financial support to
business entities affected by the coronavirus pandemic. The
Ministry of Finance has released information about this, Azernews reports.
It was reported that a total of 499.5 million manat loans were
allocated to 2628 entrepreneurs, of which 291.6 million manats were
provided with state guarantees. In the agreements signed by the
Ministry of Finance with the Entrepreneurship Development Fund and
the mentioned banks and entrepreneurs, the Ministry has been
identified as the guarantor for providing the state guarantee for
those loans.
Since the main debt obligation was not fulfilled on time from
the time the state-guaranteed loans were allocated, the Ministry of
Finance, as a guarantor to 7 banks, paid 658.2 thousand manats to
14 entrepreneurs in 2022, and in 2023, during the 12 months of the
year, it paid 1,531.1 thousand manats of 27 entrepreneurs. Thus,
during the two years of the program's validity, the overdue credit
obligations of 41 entrepreneurs in the amount of 2 million, 189
thousand, 300 manats were covered by the state.
Following the conditions for issuing state guarantees, the
Entrepreneurship Development Fund has the right to claim the loan
debt paid to banks instead of business entities based on the state
guarantee from those business entities.
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