In a bid to improve local industry and entrepreneurship, the Entrepreneurship Development Fund of Azerbaijan has extended soft loans to individual entrepreneur (IE) Humaya Mammadova, aiming to enhance hotel and restaurant services in Guba. Azerbaijani Economy Minister Mikayil Jabbarov announced this significant development, emphasising the fund’s commitment to supporting female entrepreneurs.
IE Humaya Mammadova will utilise the concessional loan of 150,000 manat ($88,235) from the Entrepreneurship Development Fund to implement her proposal for Guba’s hotel and restaurant services. Notably, the fund prioritises providing assistance to female entrepreneurs, reflecting its dedication to fostering gender-inclusive economic growth.
In 2023 alone, the Entrepreneurship Development Fund of Azerbaijan disbursed soft loans amounting to 193.8 million manat, or $114 million, to finance a total of 3,276 investment projects. These projects, with a cumulative value of 459.9 million manat ($270.5 million), witnessed a notable increase in loans, contributing to the creation of over 3,000 jobs.
The distribution of credit reflects the fund’s diverse support across sectors, with 46.4 percent allocated to agriculture, 43 percent to industrial and processing, 5.5 percent to services, and 4.5 percent to tourism. Notably, regional soft loans constituted 72 percent of the total distribution, with 28 percent allocated to Baku and Absheron.
