Azerbaijan approves interest subsidies procedures via Entrepreneurship Devt. Fund - decree

The President of the Republic of Azerbaijan Ilham Aliyev has signed a decree on subsidizing interest rates on loans issued by credit organizations to entrepreneurs within the projects implemented in connection with the organization of the 29th session of the Conference of the Parties to the Framework Convention of the United Nations on Climate Change (COP29), the 19th session of the Meeting of the Parties to the Kyoto Protocol, and the 6th session of the Meeting of the Parties to the Paris Agreement in Azerbaijan in 2024, Azernews reports.

According to the decree, within the projects related to the organization of COP29, the 19th session of the Meeting of the Parties to the Kyoto Protocol, and the 6th session of the Meeting of the Parties to the Paris Agreement in Azerbaijan, the interest accrued on loans obtained by entrepreneurs in resident banks and non-bank credit organizations in manat is subsidized through the Entrepreneurship Development Fund of Azerbaijan.

The "Procedure for providing interest subsidies to entrepreneurs through the Entrepreneurship Development Fund of the Republic of Azerbaijan for loans obtained in manat from credit organizations" is approved.

It was specified that the subsidy is provided to entrepreneurs for the interest accrued on loans in manat obtained from credit organizations from January 1 to December 1, 2024.

The Cabinet of Ministers is tasked with resolving issues arising from this decree.

The Ministry of Economy, in accordance with the Procedure approved by this decree, should organize the subsidizing of interest rates through the Entrepreneurship Development Fund of Azerbaijan and address other issues arising from this decree.

The Ministry of Finance, in accordance with this decree, to ensure the subsidizing of interest payments through the Entrepreneurship Development Fund, should take measures to allocate the necessary funds in the state budget, starting from 2025.

The State Tourism Agency is required to approve the form and procedure for issuing the confirming document provided by this decree within 10 days.