Azerbaijan to give subsidized loans for AZN 160 million for entrepreneurship this year

15:10 - 29.01.2019


January 29, Fineko/abc.az. Subsidized loans for AZN 160 million for development of entrepreneurship in Azerbaijan in 2019.
The statement was made by Economy Minister Shahin Mustafayev during discussions with entrepreneurs at the conference devoted to the results of the State Program of Socio-Economic Development of Regions of the Republic of Azerbaijan in 2014-2018.

The minister underlined that the country allocated AZN 16.5 million of subsidized loans for cotton-growing last year. This year, Azerbaijan will direct up to AZN 160 million for entrepreneurship. More than 16,000 entrepreneurs received subsidized loans in 2018.

"Last year Azerbaijan ensured macroeconomic stability, and economic growth made up 1.4%, the non-oil sector grew by 1.8%, industrial production by 1.5%, non-oil industrial products by 9.1%, agriculture by 4%, nominal income of the population by 9.2%. AZN 17.2 bn was invested in fixed assets, of which 65.5% or more than AZN 11 bn was directed for the non-oil sector. The positive balance of foreign trade for Jan-Nov of 2018 amounted to $8.6 bn, exports increased by 36% up to $19 bn. Country's foreign exchange reserves increased by $3 bn, and now amount to $45 bn in 2018. Last year, 118,000 permanent jobs were created. The ratio of external debt to GDP fell to 19%," Mustafayev added.

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