BAKU: Individual entrepreneur (IE) Humaya Mammadova received a soft loan from the Entrepreneurship Development Fund of Azerbaijan, which promotes local industry and entrepreneurship, Azerbaijani Economy Minister Mikayil Jabbarov said on X, Trend reports.

‘Entrepreneur Humaya Mammadova will be able to carry out her proposal for Guba’s hotel and restaurant services with the help of a concessional loan from the Entrepreneurship Development Fund, which amounts to 150,000 manat ($88,235). Our organization places a premium on assisting female entrepreneurs,’ the publication says.

In 2023, the Entrepreneurship Development Fund of Azerbaijan provided soft loans worth 193.8 million manat or $114 million to finance 3,276 investment projects.

Investment projects total 459.9 million manat ($270.5 million), with loans rising by approximately 33 percent, creating over 3,000 jobs. This was the credit distribution: 46.4 percent for agriculture, 43 percent for industrial and processing, 5.5 percent for services, and 4.5 pe
rcent for tourism. Regional soft loans totaled 72 percent, with 28 percent going to Baku and Absheron.

Source: Trend News Agency