Azerbaijan to create new financial tools in accordance with its demands - minister

Azerbaijan's Business Development Fund sets a goal to implement new tools in 2023, said Ministry of Economy of Azerbaijan Makayil Jabbarov during the presentation of the 'Dayaq' award, reports.

According to the minister, it is proposed to implement both support measures and grant-based instruments through the fund.

"To date, one main tool has been to implement concessional loans through the Entrepreneurship Development Fund. The Fund covers thousands of projects, but the use of this tool alone does not meet today's demand. From this perspective, we will create a range of financial tools in accordance with the demands of the Azerbaijani economy. In this regard, we will make a presentation in the first quarter of the next year," he said.

Jabbarov added that this year the annual value of Azerbaijan's non-oil exports will exceed $3 billion for the first time.

"I would like to note that we achieved positive dynamics after the pandemic - the economy of Azerbaijan increased by 5.8 percent in 2021, and by 4.8 percent from January through November 2022. In addition, as of December 15, 2022, we have provided more than 15 billion manat ($8.8 billion) of tax revenues," he added.

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