Entrepreneurship Fund directed 131 million manats of a soft loan for its own expenses

13:04 - 9.04.2024

April 9, Fineko/abc.az. The Entrepreneurship Development Fund purposefully did not use concessional loan funds, according to Accounts Chamber’s audit.

ABC.AZ reports that thus, the Fund provided 77.2 million manats in 2021, and 53.8 million manats in 2022, for a total of 131 million manats of concessional loan funds deposited in private banks and placed in securities.

The interest income from placing deposits in banks is not aimed at providing these funds with concessional loans to finance investment projects of joint business entities, but at increasing the finances remaining at the disposal of the Fund and reimbursing its current expenses. These funds by 400,000 manats exceeded the volume of concessional loans in the amount of 130.6 million manats provided in 2021 to business entities for 1,902 projects.

In addition, effective measures have not been taken to stimulate applications from business entities for preferential loans on more favorable terms at the expense of the Fund for business entities to receive a bank loan from Fund's deposit finances by improving cooperation with authorized credit organizations.