Azerbaijan To Guarantee Significant Portion Of Loans To Businesses In Karabakh - Banks Association (UPDATED)

2024-03-07 10:08:20

(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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