11:50 - 2.02.2024

---

February 2, Fineko/abc.az. On February 1, President Ilham Aliyev signed a decree on subsidizing interests on loans given by credit organizations to entrepreneurs within the projects in connection with the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change in 2024 in (COP29), the 19th session of the Meeting of the Parties to the Kyoto Protocol and the 6th session of the Meeting of the Parties to the Paris Agreement.

ABC.AZ reports that according to the Decree, interests accrued on loans received by entrepreneurs in manats from resident banks and non-bank credit organizations (hereinafter referred to as credit organizations) within the projects on organization of the above–mentioned international events in Azerbaijan is subsidized through the Entrepreneurship Development Fund of Azerbaijan.

It also approves the Procedure for granting interest subsidies to entrepreneurs through the EDF on loans received by entrepreneurs in manats from credit institutions.

It is established that the subsidy is provided for interests accrued on loans received by entrepreneurs in manats from credit institutions from January 1 to December 1, 2024.

The Cabinet should resolve the issues arising from this decree.

The Ministry of Economy, in accordance with the Procedure approved by Part 2 of this Decree, is instructed to organize interest subsidies through the EDF, as well as to resolve other issues arising from this document.

The Finance Ministry should take measures to envisage in the State Budget, starting from 2025, the finances required to ensure subsidization of interest payable through the EDF in accord with part 2 of this Decree.

The State Tourism Agency is tasked to approve the form and procedure for issuing a confirmation document envisaged in Paragraph 2.1 of the Procedure approved by Part 2 of this Decree within 10 days.