Azerbaijani entrepreneurs' concessional lending portfolio may hit 440 million manat by late 2011
Azerbaijan, Baku, April 11 / Trend N. Ismayilova /
The Azerbaijani Economic Development Ministry's National Entrepreneurship Support Fund appealed to the Finance Ministry to receive the second tranche worth $24 million manat from the state budget for 2011, Executive Director Shirzad Abdullayev said.
The state budget provides 34 million manat for the fund this year.
The fund received the first tranche worth 10 million manat in early 2011.
"Roughly 91 million manat will be allocated this year from the fund's own funds to finance the projects. This is 73 percent of the total funds allocated for the loans. This means we can issue the loans from our own funds. A delay in budget funds will not affect our activities," he said.
He added that the fund's total loan portfolio for this year may reach 440 million manat.
The official exchange rate is 0.7923 manat to $1.