State support for private sector totals $28.4m

By Azernews

By Ayya Lmahamad

Azerbaijani Economy Minister Mikayil Jabbarov has said that AZN 48.4 million ($28.4M) of soft loans were allocated to finance 945 investment projects in the first eight months of 2021 within the framework of government support to the private sector.

He made the remarks on his official Twitter page on September 24.

The minister noted that 59.2 percent of soft loans were allocated to agriculture, 24.2 percent to manufacturing and processing of industrial products and 16.6 percent to other sectors.

"97.5 percent of loans were allocated to micro, small and medium enterprises. Implementation of these investment projects will create more than 1,400 new jobs," Jabbarov added.

Earlier it was reported that the Entrepreneurship Development Fund has provided soft loans amounting to AZN 2.6 billion ($1.5bn) to more than 38.000 entrepreneurs in 2002-20. The soft loans were provided for the implementation of investment projects worth AZN 5.9 billion ($3.4bn) and allowed the creation of more than 173,000 new jobs. 

Jabbarov earlier said that economy of Azerbaijan is dynamically recovering, and the main driving factor of the country's economic growth is being transformed from the oil sector to the non-oil sector.