Azerbaijan financed 1,430 projects of entrepreneurs on favorable terms in 2010

Business Materials 19 January 2011 14:13 (UTC +04:00)

Azerbaijan, Baku, Jan.19 / Trend, N.Ismayilova /

The National Fund for Entrepreneurship Support (NFES) under the Azerbaijani Economic Development Ministry financed 1,430 projects worth 115 million manat, the Fund's balance document published on official press says.

Implementation of these projects at the expense of NFES's favorable loans will help create 5,609 new jobs.

In 2010 NFES funded 94 projects in various spheres of industrial production and processing totaling 23.45 million manat. Some 10.35 million manat was allocated in the sphere of processing of agricultural products on 16 projects, 55.65 million manat on 1,303 projects in agricultural production, 2,815 million manat on three projects in the tourism sphere, 22.7 million manat on 14 projects in the development of services .

NFES has allocated 1,362 small loans (95.2 percent of the total number of loans) worth 17.58 million manat (15.3 per cent of the total portfolio of loans). During the reporting period 8 medium loans (0.2 percent) have been issued, which amount to 10.05 million manat (0.9 percent) and 26 large loans (1.8 percent) amounting to 14.97 million manat (13 percent), and 34 major loans (2.4 percent) amounting to 81.4 million manat (70.8 percent).

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.

Jan.19, official exchange rate is 0.7974 manat to $1.