Azerbaijan, Baku, May 18/ Trend , I.Khalilova /
Within improvement of the activities of the National Fund for Entrepreneurship Development (NFED) under the Ministry of Economic Development of Azerbaijan, a decision was made on the assessment of the 2008 financial statement of the Fund by the international auditor Baker Tilly Audit Azerbaijan, said the Ministry on May 18.
"These activities are realized to ensure efficiency and transparency in the financing of investment projects of business entities through the funds allocated from the Public budget," said the Ministry.
Since its establishment in 1992, NFED will pass international audit for the first time.
"Assessment by the international auditors will create new opportunities for the Fund to attract additional resources from foreign financial markets, as well as enhance the ability to transit self-financing in future," the same source said.
Yearly the Public budget provides 80 million manats to the NFED. According to the forecasts of the Ministry of Economic Development, the Fund will transit to self-financing starting from 2013.
Up to now, with government support, more than 350 million manats was directed towards entrepreneurship development in Azerbaijan in the form of loans of for the implementation of nearly 8,000 projects
The credit resources are distributed via 29 authorized credit organizations, one non-banking credit organization and four credit unions.
More than 78 percent of projects falls on regions, and 86 percent of the projects of production direction covers processing sphere.
According to the regulations on use of NFED finance, which were confirmed on 28 December 2006, the period of micro and small credits was determined at two years, medium credits - up to three years, large credits - five or seven years. The maximal amount of the credits for one entrepreneur totals AZN 3mln.
Official rate on May 18 is 0.8037 AZN/USD.
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