By Leman Mammadova
Entrepreneurship Development Fund under the Ministry of Economy continues to provide financial support to entrepreneurs for the implementation of investment projects.
In this regard, training on the mechanism of allocation of funds has been organized at the business forum held in Agdam region on September 26. The presentation of investment projects on the creation of establishment of cotton, vegetable growing, breeding stock farms and milk processing enterprises, held to realize the economic potential of the region.
As part of the forum, 21 entrepreneurs operating in Upper Karabakh economic region received more than 1.9 million manats ($1.12 million) of soft loans. These loans will be used to implement projects in the areas of livestock, cotton, fish farming, bread production etc. The implementation of these projects will open 50 new jobs.
Sahib Mammadov, Deputy Economy Minister, said that the Entrepreneurship Development Fund issued soft loans up to 116.4 million manats ($68.49 million) to finance investment projects since early 2019. “The implementation of these projects will open up 3,800 jobs in the country.”
He noted that in particular, the entrepreneurs operating in Upper Karabakh economic region received 44.6 million manats ($26.24 million) of soft loans for the implementation of over 1300 investment projects.
Mammadov stressed that stimulation of citizens' involvement in entrepreneurship in border and front regions, provision of soft loans to them is one of the main priorities.
Azerbaijani Entrepreneurship Development Fund was established on the basis of the National Fund for Entrepreneurship Support, operating in the country since 1997.
The authorized capital of the Fund was set at 1.9 billion manats ($1.1 billion).Loans are issued for 5,000 ($2,933) to 50,000 manats ($29,326) for a period of 3 years, from 50,000 to 1 million manats ($586,510) for 5 years and from 1million to 10 million ($5.87 million) for 10 years. The annual loan rate is 5 percent.
The Fund intends to issue soft loans worth 160 million manats ($94 million) this year. In general, the Fund has issued soft loans in the amount of more than 2.3 billion manats ($1.35 billion) so far. About 68 percent of the loans was directed to the agricultural sector.