Some 294 SMBs affected by second Karabakh war

By Azernews

By Ayya Lmahamad

Some 294 small and medium-sized businesses in Azerbaijan have been affected during the 44-day second Karabakh war.

Small and Medium Business Development Agency Board Chairman Orkhan Mammadov made the remarks at a press conference on the results of 2021.

He noted that payments of compensation to the entrepreneurs for the resulting damage have been ensured in the amount of AZN 4.7 million ($2.7m).

Mammadov added that the establishment of the assessment of damage to entrepreneurs was entrusted to the agency.

Moreover, the board chairman stated that in 2021 the agency received 945 applications from enterprises to create a business in the country's liberated lands.

Of them, 446 are related to investment projects and 499 to works and services in various areas.

"Some 27 percent of the appeals are connected with the construction work, trade, and service sector, 21 percent with industry, 18 percent with agriculture, and seven percent with tourism, healthcare, and education," he said.

The board chairman underlined that the liberated lands have a high potential for the development of tourism, agriculture, and other fields.

Currently, the work is underway to restore Azerbaijan's liberated lands. Azerbaijan will rebuild its recently liberated areas in four stages. The first stage involves resolving issues of governance and security, as well as infrastructure, while the subsequent stages involve resolving issues of social services activities, reconstruction, and economic development.

In 2021, Azerbaijan allocated $1.5 billion for the reconstruction of liberated territories, followed by AZN 2.2 billion ($1.2 billion) in 2022. These funds will be used primarily to restore infrastructure (electricity, gas, water, communications, roads, education, health, and so on) as well as cultural and historical monuments.