(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 7. The government will
guarantee 90 percent of loans given to businesses in Karabakh, said
President of the Azerbaijan Banks Association (ABA) Zakir Nuriyev
during an "Economic reforms and modern challenges for improving the
business environment" conference in Baku, Trend reports.
"The Ministry of Economy has opted to offer a 90 percent state
guarantee for loans extended to entrepreneurs in Karabakh through
the Entrepreneurship Development Fund. This decision ensures that
the economic regulations established in the Karabakh economic zone
will be seamlessly implemented, not only within the financial
sector but across all other domains as well," he emphasized.
Nuriyev further noted that the application of economic rules
will be acceptable to the banking sector.
Established in 1990 by commercial banks, the ABA serves as a
representative body for its member organizations. Its primary
objectives include addressing the diverse business service needs of
members and facilitating coordination among them. ABA currently
boasts a membership of 23 banks and 6 non-banking
organizations.
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