The Entrepreneurship Development Fund under Azerbaijan’s Economy Ministry granted concessional loans worth 119 million manats (just under $70 million) for the financing of 3,252 projects, during the first seven months of 2024, Report informs, citing the fund.
Funding from these loans will ensure the creation of 1,764 new jobs.
The Entrepreneurship Development Fund was established by the order of the President of Azerbaijan on July 31, 2018, based on the National Entrepreneurship Support Fund under the Ministry of Economy. Its authorized capital exceeds 1.007 billion manats (over $592.5 million).
The Fund collaborates with 20 banks, 9 non-bank credit organizations, and 10 credit unions to provide preferential loans to entrepreneurs.