Azerbaijani entrepreneurs get favorable loans worth 48 mln manat in first half-year

Azerbaijan, Baku, Aug.10  / Trend N. Ismayilova /

The National Fund for Entrepreneurship Support (NFES) under the Economic Development Ministry of Azerbaijan has funded 559 projects amounting to 48,391 million manat in the first half of 2010, said the fund's balance, published today in the official press.

Implementation of these projects at the expense of NFES's favorable loans will help create 2,144 new jobs.

In the first half NFES has funded 20 projects in various spheres of industrial production and processing totaling 10.11 million manat. Some 2.43 million manat is allocated in the sphere of agricultural production on six projects, 16.36 million manat on 521 project in agricultural production, 2.5 million manat on two projects in the tourism sphere, 16.98 million manat on 10 projects in the development of services .

NFES has allocated 529 small loans (94.6 per cent of the total number of loans) worth $ 7.06 million manat (14.6 per cent of the total portfolio of loans). During the reporting period has been issued a medium loan (0.2 percent) amounting to 150,000 manat (0.3 percent) and 14 major loans (2.5 percent) amounting to 28.81 million manat (18.2 percent), and 15 major loans (2.7 percent) amounting to 32.36 million manat (66.9 percent).

According to the preliminary forecasts, it is expected to provide favorable loans amounting to 115 million manat, including 44 million manat at the expense of the public budget in 2010.

In 2010, NFES's priority directions for funding are development of agriculture, light industry and food industry.

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.

NFES was established in 1992. Loans are allotted to entrepreneurs through authorized banks and non-bank credit organizations, whose overall number is 36.

Aug.10, official exchange rate is 0.8035 manat to $1.

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