This year, the implementation of the mechanism "Support to entrepreneurs operating in territories freed from occupation" will begin.

On January 17, a press conference was held on the results of the activities of the Entrepreneurship Development Fund (EDF) for 2023 and the upcoming tasks.

Osman Khaliyev, Chairman of the Fund's Management Board, said that in 2023, 193.8 million manat concessional loans were granted to finance 3276 investment projects with a total value of 459.9 million manats. Thanks to these loans, more than 3,000 new jobs have been created. 46.4% of the granted loans were directed to the production of agricultural products, 43% to the production and processing of industrial products, 5.5% to service areas, and 4.5% to tourism development projects. 72% of concessional loans go to regions, and 28% to Baku city and Absheron economic district.

In 2023, EDF started providing concessional loans to entrepreneurs operating in the Nakhchivan Autonomous Republic. Thus, 27 entrepreneurs operating in the territory of the autonomous republic benefited from preferential loans totaling 2.2 million manats. In addition, preferential loans were allocated to 4 projects operating in territories freed from occupation. The total amount of preferential loans allocated to these projects was 11.5 million manats.

99.8% of concessional loans granted last year by number of projects and 91.1% by loan amount were given to micro, small and medium enterprises.

Payment of subsidies for state-guaranteed loans to entrepreneurs affected by the pandemic was continued in 2023. In total, 52 million manats were paid within the framework of the support program until December 31, 2023. In addition, in order to pay interest subsidies on existing loans to businesses affected by the pandemic, subsidies in the amount of 10% of the interest rate of loans have been continued on the basis of the application of entrepreneurs with loan debt as of March 10, 2020. Within the framework of the program, interest subsidy of 71.5 million manats was paid to 5071 applications with a loan balance of 893.4 million manats as of December 31, 2023.

Over the past year, the work done with the initiative of the Fund to increase the level of awareness about the preferential financial support mechanisms of the state, to educate entrepreneurs in the regions, and to support women and young entrepreneurs, has been brought to attention.

At the event, the priority directions of the Fund regarding the preferential credit mechanism for 2024 were announced. In addition, detailed information on the goals and priorities of the "Support to entrepreneurs operating in territories freed from occupation" mechanism, which will be implemented this year, was given.

At the end, the questions of media representatives were answered.