Preferential financing for entrepreneurs to be increased in Azerbaijan in 2011

Business Materials 7 January 2011 20:57 (UTC +04:00)

Azerbaijan, Baku, Jan. 7 /Trend, N.Ismayilova/

The National Fund for Entrepreneurship Development (NFED) under the Ministry of Economic Development of Azerbaijan plans to provide preferential loans worth 125 million manat in 2011, executive director of the Fund Shirzad Abdullayev Trend on Friday.

"In 2011, it is expected to finance loans totaling 91 million manat at the expense of repayment of the previously issued loans, while 34 million manat will be provided from the Public budget," Abdullayev said.

According to Abdullayev, the amount of funding that is provided through the repayment of earlier provided loans has increased. In 2010, the Fund has financed loans worth 115 million manat, of which 71 million manat account for funds from the repayment of previously granted loans.

In total, in 2010 the Fund provided preferential loans to 1,430 entrepreneurs, totaling 115 million manat, 99.8 percent of which account the regions of the country. These credits will facilitate the opening of about 5,600 jobs.

Official exchange rate on Jan. 7 is 0.7977 AZN/USD.