Soft loans from Azerbaijani Entrepreneurship Dev’t Fund to boost local output (PHOTO)

BAKU, Azerbaijan, May 6. Individual
entrepreneur (IE) Humaya Mammadova received a soft loan from the
Entrepreneurship Development Fund of Azerbaijan, which promotes
local industry and entrepreneurship, Azerbaijani Economy Minister
Mikayil Jabbarov said on X, Trend reports.

“Entrepreneur Humaya Mammadova will be able to carry out her
proposal for Guba’s hotel and restaurant services with the help of
a concessional loan from the Entrepreneurship Development Fund,
which amounts to 150,000 manat ($88,235). Our organization places a
premium on assisting female entrepreneurs,” the publication
says.

In 2023, the Entrepreneurship Development Fund of Azerbaijan
provided soft loans worth 193.8 million manat or $114 million to
finance 3,276 investment projects.

Investment projects total 459.9 million manat ($270.5 million),
with loans rising by approximately 33 percent, creating over 3,000
jobs. This was the credit distribution: 46.4 percent for
agriculture, 43 percent for industrial and processing, 5.5 percent
for services, and 4.5 percent for tourism. Regional soft loans
totaled 72 percent, with 28 percent going to Baku and Absheron.

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