EU4Business Countries Azerbaijan

Azerbaijan

In Azerbaijan, over 99% of entrepreneurs are SMEs, with about 97.3% being micro-enterprises, 1.9% small, and 0.8% medium-sized. These SMEs operate across sectors such as trade, agriculture, construction, logistics, tourism, and more. Recently, SME turnover and income have significantly grown, boosting the country's economic development.

Despite substantial government support for SMEs, persistent challenges remain, such as limited access to financing, bureaucratic obstacles, and regulatory complexities. These hurdles include high interest rates, stringent loan terms, and a lack of interest from lenders in rural areas, all of which pose challenges for SMEs seeking financial assistance

EU has been supporting SMEs in Azerbaijan through the EU4Business programme. Almost 38 different projects are active with a total budget of over EUR 103 million. Over 8,726 SMEs in Azerbaijan were supported in 2022, resulting in an estimated 3,639 new jobs and an 12% growth in overall turnover.

Results in 2023

To meet such challenges, the EU has been actively aiding Azerbaijan SMEs via the EU4Business Initiative. In 2023, the initiative funded 31 diverse projects with a total of over EUR 111 million, benefiting 1,999 SMEs. Together, the projects generated around 1,067 new jobs and drove a notable 23.8% increase in the total turnover of SMEs in Azerbaijan.

€111mln

total budget of EU support

projects

1,999

SMEs supported

54%

women owned

1,067

new jobs created

€31mln

extra income generated by EU-supported SMEs

data for azerbaijan
2023

If you want to find out more about EU4Business in Azerbaijan, check out the local website

https://eu4business.az