AZN 300 million to be given to entrepreneurs


July 10, Fineko/abc.az. The Azerbaijani Cabinet Ministers has approved a decision on a range of the measures related to state support for business loans with the purpose to reduce the negative impact of the coronavirus pandemic (COVID-19) on the domestic economy.

ABC.AZ reports that the Procedure for providing governmental guarantees for bank loans and subsidizing credit interests to businesses affected by the coronavirus pandemic (COVID-19) has been endorsed.

According to the rule, the loans that business entities will receive are secured by a governmental guarantee in the amount of up to 300 million manats. It is established that the governmental guarantee is registered on the basis of a framework guarantee agreement concluded between the Ministry of Finance and the Entrepreneurship Development Fund.

According to the first rule, the issuance of governmental guarantees for loans to be received by business entities is carried out until 31 December 2021.