The Ministry of Economy of Azerbaijan received over 3,300 applications for new business loans totaling 949 million manat ($558.2 million) via the electronic credit platform (ECP) in 2020, the ministry’s Head Mikayil Jabbarov wrote in his Twitter account.
According to Jabbarov, during the year loans under the state guarantee for a total amount of 169 million manat ($99.4 million) were issued on the basis of 529 applications.
He stressed that the ECP, created for easy and transparent obtaining of loans by entrepreneurs, is an effective tool.
The platform was presented to the Azerbaijani public at the end of June 2020. This program envisages the provision of a state guarantee of about 60 percent of new loans in the amount of up to 500 million manat ($294.1 million).