15:17 - 5.11.2022

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November 5, Fineko/abc.az. For the first time, international rating agency S&P Global Ratings has assigned the Azerbaijan Entrepreneurship Development Fund (SIF) long-term and short-term credit ratings of the issuer BB-/B, with stable outlook.

ABC.AZ reports that the starting point for the long-term SIF rating is the b- level for financial companies in Azerbaijan.

"This is two steps below the anchor b+ for banks, based on the assessment of economic and industry risk "9" for Azerbaijan in our assessment of country risks of the banking industry. We believe that financial companies in Azerbaijan face an increasingly higher industry risk than banks, since they are more dependent on a sensitive financing market due to their lack of access to Central Bank resources and operate in conditions of higher competitiveness," S&P said.

By the end of 2021, SIF gave preferential loans for totally AZN 130.6 million.

In 2022, SIF plans to give preferential loans for totally AZN 140 million to business entities in Azerbaijan.

SIF plans to raise certain funds from international financial institutions such as the Asian Development Bank and the European Bank for Reconstruction & Development in a few years.