Azerbaijani entrepreneurs get favorable loans worth over 81 mln manat in three quarters

Azerbaijan, Baku, Oct. 23 / Trend N. Ismayilova /

The National Fund for Entrepreneurship Support (NFES) under the Economic Development Ministry of Azerbaijan has funded 1016 projects amounting to 81,037 million manat in three quarters 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 3,799 new jobs.

In three quarters of 2010 NFES has funded 51 projects in various spheres of industrial production and processing totaling 16.501 million manat. Some 3.51 million manat is allocated in the sphere of agricultural products processing on nine projects, 38.349 million manat on 941 project in agricultural production, 2.815 million manat on 3 projects in the tourism sphere, 19.862 million manat on 12 projects in the development of services .

NFES has allocated 971 small loans (95.6 per cent of the total number of loans) worth $ 12.758 million manat (15.7 per cent of the total portfolio of loans). During the reporting period has been issued a medium loan (0.1 percent) amounting to 150,000 manat (0.2 percent) and 19 major loans (1.9 percent) amounting to 11.236 million manat (13.9 percent), and 25 major loans (2.5 percent) amounting to 56.893 million manat (70.2 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.

Oct. 23, official exchange rate is 0.8012 manat to $1.

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