Azerbaijan Entrepreneurship Dev't Fund allocates concessional loan to stimulate domestic production - minister

The Azerbaijan Entrepreneurship Development Fund, one of the main goals of which is to stimulate local production and business, has allocated 300,000 manat ($176,470) in concessional loans to A.K.S. LLC, reports citing the tweet of Economy Minister Mikayil Jabbarov.

According to the tweet, the loan was allocated as part of measures to support domestic production for the financing of projects on the production of plastic goods in the Aghdash district.

In total, the Fund has financed 2,726 investment projects in 2022. In this regard, the Fund issued easy-term loans worth 145.9 million manat ($85.7 million).

Out of the overall loans, 87.1 million manat ($51.16 million) were issued to agricultural output, 37.3 million manat ($21.9 million) – the industrial production and processing, 9.1 million manat ($5.3 million) – tourism, and 12.4 million manat ($7.28 million) – other industries.

The top 5 financial institutions by the number of concessional loans issued are as follows: Bank Respublika - 746 concessional loans, Yelo Bank - 350, Unibank - 318, Rabitabank - 282, and "Aqrarkredit" NBCO - 282. 

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