Azerbaijan To Grant Loans Of Up To Ten Million Manat To Business Entities

1/10/2025 8:10:53 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, January 10. As previously reported, President Ilham Aliyev's decree approved the Procedure for the use of funds of the Innovation and Digital Development Agency under the Ministry of Digital Development and Transport, Trend reports.

According to the document, granting soft loans (hereinafter referred to as the loan) to business entities from the funds of the Agency is carried out through banks - authorized and non-bank credit organizations (hereinafter referred to as the authorized credit institution) on their behalf and at the expense of their risks.

Entrepreneurship subjects are granted credit facilities from the Agency's funds within the following limits:

From 5,000 manat ($2,941) to 50,000 manat ($29,411) - small loans;

From 50,001 manat ($29,412) to one million manat ($588,235) - medium-sized credits;

From one million manat ($588,247) to 10 million manat ($5.8 million) - large credits.

The maximum limit of credit granted to each business entity at the expense of the Agency (including one investment project) cannot exceed 10 million manat ($5.8 million).

The terms of the Agency's loans are defined as follows:

for small loans - up to 3 (three) years;

for medium loans - up to 5 (five) years;

for large loans - up to 10 (ten) years.

Under the condition that the annual interest rate on loans issued at the expense of the Agency's funds (except for loans attracted by the Agency) is set at the rate of one (1) percent and the annual interest rate applied by authorized loan institutions is not more than four (4) percent, in general, the annual interest rate on loans is set at the rate of five (5) percent.

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