Fund has enough funds for preferential lending of entrepreneurs in Azerbaijan

Azerbaijan, Baku, July 20 / Trend I.Khalilova /

The National Fund for Entrepreneurship Support (NFES) under the Azerbaijani Economic Development Ministry gave preferential loans worth 50 million manat to 600 entrepreneurs, the fund executive director Shirzad Abdullayev said.

"During the third quarter of 2010, we plan to distribute the bulk of financing envisaged in the budget this year. Preferential loans worth at least 40-50 million manat will be granted," Abdullayev said.

According to preliminary projections, it is expected to provide concessional loans amounting to 115 million manat in 2010.

"But while providing viable projects to the fund by entrepreneurs, they will be financed through additional funds. It is planned to increase the funds granted through the National Fund in subsequent years, depending on the initiatives of entrepreneurs, Abdullayev said.

About 10 million manat is planned to be allocated for the development of animal husbandry complexes this year. About 3 million has been already allocated.

Moreover, it is planned to hold 10 events till October 1. Small loans on preferential terms are distributed within this event, the fund head said.

Today about 35 million manat has been allocated of the total amount of 44 million provided in the state budget for the fund. Abdullayev said that the National Fund has already appealed to the Ministry of Finance for the last tranche worth 9 million manat. Perhaps, they will be transferred to the fund soon.

"Even if this process is delayed, the fund has a sufficient amount of own funds. Today the treasury account of the fund has up to 30-35 million manat. We are willing to finance projects of business entities," Abdullayev said.

The priorities for funding by the fund are the development of agriculture, light industry and food industry in 2010.

The fund issued more than 2,100 loans totaling 130 million manat through the authorized credit organizations in 2009. Thus, the number of entrepreneurs who have received preferential loans from the fund's money has increased by 2,6 times, and the volume of loans - 48 percent last year compared to 2008.

The fund was established in 1992. The loans are granted to entrepreneurs through authorized banks and nonbank credit organizations. Their total number is 36.

On July 20, the official exchange rate is 0.8035 manat to $1.

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