04.Aug .2020 11:05

Azerbaijani entrepreneurs receive investment capital within the EU-funded project

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Thirty-nine women in Azerbaijan’s Nakhchivan Autonomous Republic received investment capital worth 25,200 manat ($14,823) within the project entitled "Empowering Women for Sustainable Development", which is funded by the European Union and partially by UNDP, Executive Director of the Azerbaijan Micro-finance Association (AMFA) Jhale Hajiyeva told Trend on June 16.

The project is being implemented by AMFA, Hajiyeva added.

"Twelve training courses on the "Plan for the Future" and "Start and Develop Your Business" topics were held at the Nakhchivan Business Center in May and June," she added. "As many as 319 women took part in the training. As a result of the project, 63 participants from Nakhchivan including 13 persons with disabilities were selected to implement the business plans."

"Those participating in the project are women who have attended the training last year and received a certificate, but did not receive investment capital," executive director noted.

Hajiyeva said that 72 percent of investment capital accounts for the expansion of activity in agriculture, and 28 percent - hairdressing, carpet weaving and other spheres.

The microfinance was introduced in Azerbaijan in the mid-90s.

A group of international non-governmental organizations (INGOs) began offering micro-financing services to low-income local residents in 1996.

In December 2001, the members of the group decided to set up an association that will serve as the coordination microfinance center in Azerbaijan.