Mammad Musayev: Small & medium-sized businesses need more credit guarantees


March 11, Fineko/abc.az. Representatives of the Organization for the Development of Small & Medium-sized Enterprises of Turkey (KOSGEB) held a meeting with president of the National Confederation of Entrepreneurs' Organizations (Employers) Mammad Musayev during official visits to Azerbaijan.

ABC.AZ was informed at the Confederation that during the meeting KOSGEB chairman Javakhir Uzkurt said that the presidents of Azerbaijan and Turkey have set a goal to bring the two countries’ trade turnover up to $15 billion, and we must expand cooperation and achieve that.

"We’ve developed a plan and intend to enter the Asian markets by combining small and medium-sized businesses from both countries. Turkey has 3.6 million small and medium-sized entrepreneurs. Last year, our budget was 2.3 billion TL. We tell the banks that we will pay some of the interest. That is, the bank gives a loan and KOSGEB takes part of its interest. The Credit Guarantee Fund also provides credit security, which is financed by the Ministry of Finance," Uzkurt said.

Musayev said that Azerbaijan also has the Mortgage & Credit- Financial Fund.

"We have a credit guarantee for larger entrepreneurs, but there are not many of them. The main subjects of small and medium-sized businesses need credit guarantees more," Musayev said.