Azerbaijan reveals total cost of projects submitted to Entrepreneurship Dev't Fund

By Azernews

Qabil Ashirov

The overall amount of the projects submitted to the Entrepreneurship Development Fund totaled AZN399m, ($235m), Azernews reports per Osman Khaliyev, Chairman of the Board of Azerbaijan's Entrepreneurship Development Fund.

“In 2022, the main directions of our activity were preferential loans, provision of state guarantees, and subsidization of current loans,” Osman Khaliyev told a news briefing on the results of 2022.

He also noted that 70 percent of loans have been given in the regions, 17 percent in Baku, and 13 percent in Absheron. According to the chairman, most of the investment projects were related to areas such as production, recycling, and agriculture.

Despite being established in 1992, the active period of the National Fund for Entrepreneurship Support commenced only in 2002. The main activities of the fund include providing concessional loans to business entities, preparing, implementing, and financing support programs for the development of entrepreneurship, studying the opportunities for entrepreneurs to access new markets and conveying the international experience gained to entrepreneurs, conducting educational work and providing them with consulting services.