NFES receives 1,168 proposals to finance projects in Azerbaijan in 2010

Business Materials 26 October 2010 14:29 (UTC +04:00)

Azerbaijan, Baku, Oct. 26 / Trend N. Ismayilova /

The National Fund for Entrepreneurship Support (NFES) under the Azerbaijani Ministry of Economic Development received 1,168 proposals to finance the projects during the first three quarters, Shirzad Abdullayev, executive director of the fund, said.

"About 43.628 million manat was allocated from state budget," Abdullayev said.

He said that the National Fund received 1,168 proposals for project financing during three quarters, of which 1,070 were financed and 90 projects were rejected. About 94.7 percent of the approved projects are aimed at developing the agricultural sector.

About 99.7 percent of the granted preferential loans were intended to realize the projects in the regions of Azerbaijan.

He said that at present, the fund has 36 authorized credit organizations, including 31 banks, one non-banking credit organization, and four credit unions.

"Several credit unions have expressed their desire to get the status of an authorized credit agent of the National Fund.  VTB Bank Azerbaijan was the last bank getting this status", he said.

The entrepreneurs, whose activity was affected by the flood of Kur, Araz rivers, got 120 loans totaling 9.1 million manat. The entrepreneurs who operate in the border and front-line got 715 loans, totaling 30.1 million manat. About 2,060 new jobs were provided.

He said that 55 projects worth 207.2 million manat were financed on concessional terms, of which 106.59 million manat fall to concessional loans.

The fund financed 1,016 projects worth 81.037 million manat over three quarters of 2010.