Surprising AZN 80mln to be Allocated for Private Sector Development in Azerbaijan

Business Materials 11 October 2007 17:34 (UTC +04:00)

Azerbaijan, Baku / Trend corr. A. Badalova / The State Budget is planning to allocate AZN 80mln for the development of the private sector in Azerbaijan by the end of 2007.

Some AZN 74mln from the aforesaid fund will be directed towards financing entrepreneurial investment projects through the National Fund for Entrepreneurship and AZN 6mln for the development of entrepreneurship in the Nakhchivan Autonomous Republic (NAR).

The National Fund allocated some AZN 57.3mln privileged credits to 518 entrepreneurs.

The allocated credits were directed to financing projects in production of industry products, production and development of agricultural products, tourism, as well as the service industry.

More than 90% of the projects are directed towards production and development. An additional 10,500 new jobs will be opened for people.