(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 3. Entrepreneurs havereceived credit funds in the amount of 470 million manat, or$276.47 million, under the credit guarantee mechanism of theMortgage and Credit Guarantee Fund (MCGF), the General Director ofthe Fund, Elshan Karimov, said during the fund's briefing on theentrepreneurship state support tools, Trend reports.
"So far, entrepreneurs have received credit funds for 470million manat, or $276.47 million, under the credit guaranteemechanism of MCGF. The fund has taken the obligation to paysubsidies worth more than 56.2 million manat, or $33.06 million,under the loans, of which 40.9 million manat, or $24.06 million,has already been paid," he emphasized.
Karimov stated that as of the pledge date, over 33,500individuals are currently employed in projects financed by loanfunds, highlighting the creation of conditions for opening over5,900 new job opportunities.
He said the competitive environment among client banks had beenstrengthened under the bail-in mechanism during the previousperiod.
"Despite the fixed maximum annual interest rate on loans of 20percent, banks provided loans at lower interest rates. As a result,the average annual interest rate on collateralized loans in 2023was 14.2 percent, while the interest rate paid by the subsidyamounted to 6.2 percent," he added.
Stay up-to-date with more news at Trend News Agency'sWhatsApp channel
MENAFN03052024000187011040ID1108170258
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.