Azerbaijan, Baku,Oct.24 / Trend corr. J.Nasibova /
The National Fund for Entrepreneurship Support (NFES) under the Azerbaijani Ministry of Economic Development has funded 2042 projects worth 169.9 million manat in the first nine months of 2012, the balance sheet report of the fund published on Wednesday in the official press, stated.
The implementation of these projects through soft NFES loans will facilitate the creation of 7512 new jobs.
Within the nine months NFES funded 127 projects in various areas of industrial production and processing for a total of 43.8 million manat. Some 23.8 million manat was allocated to implement10 projects in the area of processing agricultural products, 82.5 million manats to 1886 projects in agricultural production and 19.7 million manat to 19 projects in service development.
The National Fund issued 1969 small loans (96.4 per cent of total loans) to the sum of 24.3 million manat (14.3 per cent of the total portfolio of issued loans). During the reporting period some 25 secondary loans (1.2 per cent) were issued at $5.8 million manat (3.4 per cent) and 48 major loans (2.4 per cent) worth 139.9 million manat (82.3 per cent).
The NFES was established in 1992. Allocation of credits to entrepreneurs is implemented through authorised banks and non-bank credit organisations, the total number of which is 43.
The official exchange rate on October 24 is 0,785 AZN / USD