Azerbaijani entrepreneurs get favorable loans worth 500,000 manat

Azerbaijan, Baku, Aug. 27 / Trend N.Ismayilova /

The National Fund for Entrepreneurship Support (NFES) under the Economic Development Ministry of Azerbaijan, organized the next event on the topic "State support to entrepreneurship in the regions", attended by about 300 entrepreneurs, working in Guba-Khachmaz economic region, in the Gusar region, the ministry said.

Within the event favorable loans totaling approximately 500,000 manat were issued to 38 entrepreneurs through the authorized credit organizations.

Some 88 new job places will be opened at the expense of these funds.

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.

The official exchange rate is 0.8037 manat to $1 Aug. 27.

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