The implementation of the mechanism "Support to entrepreneurs operating in territories liberated from occupation" will begin this year.
A press conference was held on January 17 on the results of the activities of the Entrepreneurship Development Fund (EDF) for 2023 and the upcoming tasks.
Osman Khaliyev, Chairman of the Fund's Management Board, pointed out that 193.8 million manat concessional loans were granted in 2023 to finance 3276 investment projects with a total value of 459.9 million manats. Thanks to these loans, more than 3000 new jobs have been created. 46.4% of the granted loans were directed to the production of agricultural products, 43% to the production and processing of industrial products, 5.5% to service areas, and 4.5% to tourism development projects. 72% of concessional loans go to regions, and 28% to Baku city and Absheron economic district.
EdF started providing concessional loans to entrepreneurs operating in 2023 in the Nakhchivan Autonomous Republic. Thus, 27 entrepreneurs operating in the territory of the autonomous republic benefited from preferential loans totaling 2.2 million manats. In addition, preferential loans were allocated to 4 projects operating in territories liberated from occupation. The total amount of preferential loans allocated to these projects was 11.5 million manats.
Last year, 99.8% of concessional loans were given to micro, small and medium enterprises in terms of the number of projects, and 91.1% in terms of the amount of the loan.
Payment of subsidies for state-guaranteed loans to entrepreneurs affected by the pandemic was continued in 2023. 52 million manats were paid in total within the framework of the support program until December 31, 2023. In addition, in order to pay interest subsidies on existing loans to businesses affected by the pandemic, subsidies in the amount of 10% of the interest rate of loans have been continued on the basis of the application of entrepreneurs with loan debt as of March 10, 2020. 73.3 million manat interest subsidies were paid to 5071 applications as part of the program with a loan balance of 893.4 million manats as of December 31, 2023.
The work done over the past year with the initiative of the Fund to increase the level of awareness about the preferential financial support mechanisms of the state, educate entrepreneurs in the regions, and support women and young entrepreneurs has been brought to attention.
The priority directions of the Fund regarding the preferential credit mechanism for 2024 were announced at the event. In addition, detailed information was provided on the goals and priorities of the "Support to entrepreneurs operating in territories liberated from occupation" mechanism, which will be implemented this year.
The questions of media representatives were answered in the end.
