About 75 percent of concessional loans in 2013 sent to agricultural sector in Azerbaijan

Photo: About 75 percent of concessional loans in 2013 sent to agricultural sector in Azerbaijan / Finance

Baku, Azerbaijan, Jan.31
By Emin Aliyev - Trend:

The National Fund for Entrepreneurship Support (NFES) under the Ministry of Economy and Industry of Azerbaijan financed some 4,468 projects worth 275 million manat in 2013, NFES said on Jan.31.

The implementation of these projects with the concessional loans of NFES will contribute to the creation of around 12,045 new jobs, according to NFES.

It is supposed that some 74.3 percent of these new jobs will be created in the sphere of agricultural production.

NFES financed some 175 projects in various spheres of production and processing of industrial products totaling 85.33 million manat in 2013. Some 32.68 million manat was allocated for the implementation of 10 projects in the sphere of processing of agricultural products, while around 149.51 million manat was allocated for about 4,276 projects in the sphere of production of agricultural products.

The National Fund issued some 4,377 small loans (98 percent of the total number of loans) worth 52.91 million manat (19.2 percent of the total portfolio of issued loans) during the reporting period. Some 62 big loans (1.4 percent) totaling 217.74 million manat (79.2 percent) were issued during the reporting period.

The National Fund planned to issue loans worth 250 million manat in 2013, some 100 million manat of which were provided by repayment of loans, and the remaining 150 million manat - by the state budget.

NFES was established in 1992. The issuance of loans to entrepreneurs is carried out through authorized banks and non-bank credit organizations, the total number of which is 44.

Translated by L.Z.

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