Azerbaijani entrepreneurs receive favorable loans worth 19 million manat
Azerbaijan, Baku, May 14 / Trend U.Ismayilova /
The Azerbaijani National Fund for Entrepreneurship Support (NFES) of the Economic Development Ministry has allocated favorable loans worth 19.52 million manat, the fund's report says.
"During the report period, the fund has financed 197 projects in various areas of business," the report says.
NFES funded seven projects amounting to 4.45 million manat in the production and processing of industrial products, three projects worth $ .165 million manat - processing of agricultural products and 180 projects worth $ 2.424 million manat agricultural production.
NFES financed six projects worth 10.998 million manat in the service sector and one project worth 15,000 manat in the field of tourism development.
About 798 new jobs were opened by financing these projects.
In January-March, NFES has funded 185 small loans totaling $ 2.499 million manat, one average credit of 150, manat, five large loans totaling 3,040 million manat and six of the largest loans 13,363 million manat.
NFES was established in 1992. Loans are allotted to entrepreneurs through authorized banks and non-bank credit organizations, whose overall number is 36. In 2009, NFES issued more than 2,100 loans through authorized credit organizations, totaling 130 million manat. Thus, in 2009 compared to 2008, the number of entrepreneurs who have received preferential loans from the funds NFES has increased by 2.6 times and the volume of loans - 48 percent.
In 2010, the Fund plans to provide preferential loans worth at least 115 million manat, of which 44 million manat will be provided from the state budget and 71 million manat - interest payments and repayment of previously granted loans. The fund has already allocated credits to 20 million manat in the first quarter.
The fund named agriculture, light industry and food processing are priority areas for funding in 2010.
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