List of authorized banks of Azerbaijan National Fund for Entrepreneurship Development expands

Business Materials 2 September 2009 20:30 (UTC +04:00)

Azerbaijan, Baku, September 2 / Trend , N.Ismayilova /

According to initial forecasts, the 2010 Public budget will provide 74 million manat for the National Fund for Entrepreneurship Development (NFED) under the Ministry of Economic Development of Azerbaijan, executive director of the Fund Shirzad Abdullayev said on September 2.

"In addition, studies are underway to determine the amount of revenues from the interest of loans that the Fund has provided formerly, and after the completion of studies, it will be possible to speak about resources of the Fund for the next year," said Abdullayev.

This year, the right to place NFED funds was presented two more banks - Xalq Bank and Azfinans Bank. In total, the Fund has 36 authorized credit organizations, including four credit unions and 32 banks. There are 46 banks in the country.

In 2009, the National Fund will provide 130 million manat preferential credits, of which 74 million manat falls on Public budget, while 56 million manat formed by the formerly granted loans.

Official rate on September 2 is 0.804 AZN/USD.

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