About half of concessional financing allocated to agricultural production in Azerbaijan

Photo: About half of concessional financing allocated to agricultural production in Azerbaijan / Business News

Baku, Azerbaijan, April 30
By Emin Aliyev - Trend:

National Fund for Entrepreneurship Support under the Economic Development Ministry of Azerbaijan financed some 1,014 projects at the amount of 44.666 million manat in Q1 of 2014, according to the balance sheet of the fund.

The implementation of these projects at the expense of concessional loans of NFES will contribute to the creation of 2,459 new job opportunities, some 80.7 percent to the agrarian sector.

The fund financed 39 projects in various areas of production and processing of industrial products totaling 10,511 million manat in January-March, 2014. Some 21.755 million manat was for the implementation of 972 projects in the sphere of agriculture products productions, and some 12.4 million manat to three projects in the service sector.

The NFES issued 993 small loans (97.9 percent of total loans) worth 11.11 million manat (24.9 percent out of the total portfolio of loans). Some 15 major loans (1.5 percent) in the amount of 32.7 million (73.2 percent) was allocated during the reported period.

The NFES plans to issue loans worth 280 million manat, some 150 million manat of which will be provided at the expense of repayment, and the remaining 130 million manat - at the expense of the state budget in 2014.

NFES was established in 1992. The issuance of loans to entrepreneurs is implemented through authorized banks and non-bank credit organizations, whose total number is 44.
The official exchange rate on April 30 is 0.7843 AZN / USD.

Translated by S.I.
Edited by C.N.

Follow us on Twitter @TRENDNewsAgency

Tags: NFES