Azerbaijani Entrepreneurs Use 73% of Privilege Credits from Public Budget

Business Materials 7 August 2008 21:01 (UTC +04:00)

Azerbaijan, Baku, 6 August /corr. Trend I.Khalilova / Azerbaijan National Fund for Entrepreneurship Development (ANFED) completed spending of funds allocated from the Public budget since the beginning of the year in amount of AZN 53.8mln, a source at the Ministry of Economic Development said. The privilege credits provided by the fund were obtained by 483 entrepreneurs in 51 cities and regions.

Privilege credits of the Fund are provided through 29 authorized commercial banks, one non-banking credit organization and four credit unions.

More than 78 percent of the financed projects fall on the regions, and 85 percent of projects are of production direction, which cover the sphere of processing.

Privilege credits were provided for carrying out of industrial production (94 projects), production and processing of agricultural goods, development of farmer economies (348 projects), development of tourism infrastructure (24 projects), service sectors (16 projects). Due to projects financed this year, it is expected to open 5,900 new work places.

The 2008 Public budget allocated AZN 80mln for the Fund, from which AZN 6mln are envisaged to finance the entrepreneurs from Nakhchivan Autonomous Republic of Azerbaijan. The Fund expects that this year, possibly more than AZN 100mln will be allocated.

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