Economy Minister: Banking sector share in financing entrepreneurship still at low level


February 4, Fineko/abc.az. Despite the effectiveness of the mechanism of support for entrepreneurs, the state should not undertake crediting fully for itself. The banking sector should play a leading role in this area, but its share in long-term financing is still low.

ABC.AZ reports that the statement was made by Economy Minister Mikayil Jabbarov at a conference dedicated to the results of the first year of the State Program of Socio-Economic Development of the Regions of Azerbaijan for 2019-23.

According to the minister, the Ministry of Economy and the Central Bank are currently discussing steps with the purpose to direct bank loans to the real sector.

Referring to the natter of export, Jabbarov told about the work done last year: "Within the framework of the mechanism of export promotion and return of part of costs for exporting non-oil products, about AZN 9 million were returned to local exporters last year. Our goal is to give to local products the national quality sign – brand Made in Azerbaijan, and expand their access to foreign markets. As a result of successful state programs in 2019, the export of agricultural processing enterprises increased by 14% (against 2018). As part of plans on the creation of 51 agroparks and local farms in 33 districts of Azerbaijan that play the large role in the development of the agricultural sector, work in 16 agroparks or farms were finished in 2019."