Azerbaijan guarantees $171.6m credit, subsidy support to entrepreneurs over COVID-19

By Azernews

By Ayya Lmahamad

Azerbaijan's Entrepreneurship Development Fund has guaranteed AZN291.8 million (4,171.6m) to 2,630 applications of entrepreneurs, affected by the COVID-19 pandemic, Economy Minister Mikayil Jabbarov said, Azernews reports.

The funds were guaranteed within the framework of the state-guaranteed credit and subsidy support from June 2020 to September 2022.

The minister noted that AZN34.3 million ($20.1m) of subsidies were paid to entrepreneurs for guaranteed loans.

"Within the framework of the state-guaranteed #credit and #subsidy support from June 2020 to September 1 of this year, the Entrepreneurship Development Fund (@sahibkarliq) guaranteed 291.8 mln. ? to 2,630 applications of entrepreneurs, affected by the pandemic, with a credit demand of 499.8 mln. ?. Hence, 34.3 mln. ? of subsidies were paid to entrepreneurs for guaranteed loans," the minister twitted.

To note, the measures to mitigate the effects of the pandemic on the businesses in Azerbaijan included financial support to protect jobs, the introduction of periodic tax breaks, the provision of soft loans, and others.