Bank Of Baku

Entrepreneurs’ need for soft loans exceeds possibility by 3 times in Azerbaijan

Entrepreneurs’ need for soft loans exceeds possibility by 3 times in Azerbaijan
# 28 October 2008 15:58 (UTC +04:00)
Baku. Nijat Mustafayev - APA-Economics. The entrepreneurs’ need for soft loans exceeds the financing capacity of Azerbaijan National Fund for Entrepreneurship Assistance.
Khalig Mammadov, Executive Director of the Fund, said they received applications for 856 projects worth AZN 251.3 million while the Fund had only AZN 80 million to lend under preferential terms.
“This may be doubled in 2009. Most of the funds will go to agrarian and agricultural production and processing next year,” he added.
The government-funded low-interest loans are distributed through 29 commercial banks, 1 non-bank lending institution and 4 credit unions.
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