In 2022, the volume of the subsidized loans in Azerbaijan amounted to AZN26m ($15.3m), Azernews reports, referring to Osman Khaliyev, Chairman of the Board of Azerbaijan's Entrepreneurship Development Fund.

Addressing a news conference on the results of 2022, Osman Khaliyev said that the funds had been allocated mainly to the pandemic-hit business entities.

“Overall, we received 6,338 applications for subsidies, and AZN877m ($516.12) were allocated for 5,052 of them," he said.

Although the fund was established in 1992, the active period of the National Fund for Entrepreneurship Support commenced only in 2002. The main activities of the fund include providing concessional loans to business entities, preparing, implementing, and financing support programs for the development of entrepreneurship, studying the opportunities for entrepreneurs to access new markets and conveying the accumulated international experience to entrepreneurs, conducting educational work and providing them with consulting services.