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The financial report of the Entrepreneurship Development Fund for 2023 has been announced 30.04.2024 / Important events

More small and medium-sized loans have been granted by the fund in recent times.

The financial report of the Entrepreneurship Development Fund of the Ministry of Economy for 2023 has been announced. According to the report, in 2023, the operating income of the Fund increased by 53% compared to 2022 and amounted to 20,779 thousand manats. Excluding operating costs, the Fund's pre-tax profit amounted to 15,108 thousand manats. The income tax expense in 2023 was 2,605 thousand manats. The fund ended 2023 with a profit of 12,503 thousand manats. As of December 31, 2023, the total assets of the Fund increased by 6% to 1,011,496 thousand manats, liabilities to 837 thousand manats, and capital to 1,010,659 thousand manats.

In order to increase the financial availability of entrepreneurs, more small and medium-sized loans have been granted by the Fund in recent times. Thus, the total balance value of small loans increased by 25% to 130,447 thousand manats, and medium-sized loans increased by 24% to 169,936 thousand manats. In addition, the diversification of the loan portfolio was ensured as a result of the increase of loans made by the Fund in the industrial sector during the reporting period. Thus, the total balance value of the loan portfolio for that sector increased by 10% and reached 307,536 thousand manats. The specific weight of the industrial sector loan portfolio in the total loan portfolio has increased to 33%.

It should be noted that the compliance of the Fund's annual financial statements with international accounting standards is checked annually by independent auditing companies. The financial statements of 2023 were audited by the audit company "Baker Tilly Azerbaijan" and a positive auditor's opinion was given to the reports. According to the audit opinion, the financial statements fairly reflect in all material respects the financial position of the Fund as of December 31, 2023, as well as the financial results and cash flows for the year ended on that date in accordance with International Financial Reporting Standards (IFRS).