Mammad Musayev: Small and medium-sized businesses need more credit guarantees

Representatives of the Turkish Small and Medium Enterprises Development Organization (KOSGEB) met with the President of the Azerbaijan Entrepreneurs Confederation, Mammad Musayev. KOSGEB Chairman Cevahir Uzkurt said that the presidents of Azerbaijan and Turkey set a goal to increase the trade turnover to $ 15 billion and we need to expand this cooperation.

“We developed a plan and small and medium-sized businesses in both countries are considering joining the Asian markets. There are 3.6 million small and medium-sized enterprises in Turkey. Our budget was $ 2.3 billion last year. We tell banks that we meet some interest. In other words, KOSGEB assumes that the bank will provide a loan and pay a part of its interest. The Credit Guarantee Fund also provides a loan and is financed by the Ministry of Finance.” said C. Uzkurt.

ASK President Mammad Musayev said he was ready to cooperate in the implementation of the goals. Mammad Musayev mentioned that the Azerbaijan Mortgage and Credit Guarantee Fund also operates in Azerbaijan.

“We have guaranteed the loans mostly to the large businesses, but they don’t need it so much. Small and Medium Enterprises need more credit guarantees.” mentioned the President of the ASK.