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.
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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
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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.
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