In a move to boost agricultural development, the Entrepreneurship Development Fund under the Ministry of Economy of Azerbaijan has announced the allocation of a soft loan totaling 150,000 manat, equivalent to $88,235, for a livestock breeding project. Minister of Economy Mikayil Jabbarov disclosed this initiative, highlighting its significance in promoting entrepreneurship and supporting the agricultural sector.
The allocated loan is designated for entrepreneur Mushfig Hasanov’s livestock breeding project, which is slated to be implemented in the Ismayilli region of Azerbaijan. This strategic investment aims to enhance the country’s livestock industry, contributing to economic growth and rural development.
Minister Jabbarov emphasised the importance of such initiatives in fostering entrepreneurship and driving sustainable economic development. By providing financial support to aspiring entrepreneurs like Hasanov, the Entrepreneurship Development Fund seeks to stimulate innovation and create opportunities for economic advancement in Azerbaijan.
This announcement builds upon the Fund’s commitment to promoting entrepreneurship and facilitating investment in diverse sectors of the economy. In 2023 alone, the Entrepreneurship Development Fund disbursed 193.8 million manat ($113.8 million) in soft loans, supporting 3,276 investment projects across Azerbaijan.
The decision to allocate a soft loan for the livestock breeding project underscores Azerbaijan’s dedication to strengthening its agricultural sector and leveraging its natural resources for sustainable growth. As the country continues to prioritise entrepreneurship and economic diversification, initiatives like these play a crucial role in driving progress and prosperity.
