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Azerbaijan directs 75 percent of favorable loans to major projects

Business Materials 19 July 2011 16:57
The National Fund for Entrepreneurship Support (NFES) under the Azerbaijani Economic Development Ministry financed 823 projects worth 71.94 million manat in the first half of 2011, the Fund's balance document published on official press says.
Azerbaijan directs 75 percent of favorable loans to major projects

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

The National Fund for Entrepreneurship Support (NFES) under the Azerbaijani Economic Development Ministry financed 823 projects worth 71.94 million manat in the first half of 2011, 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 3,495 new jobs.

NFES funded 52 projects in various spheres of industrial production and processing totaling 20.82 million manat. Some 14.5 million manat was allocated in the sphere of processing of agricultural products on 11 projects, 27.4 million manat on 746 projects in agricultural production and 9.23 million manat on 14 projects in the development of services.

NFES has allocated 776 small loans (94.3 percent of the total number of loans) worth 9.68 million manat (13.5 percent of the total portfolio of loans). During the report period, three medium loans (0.4 percent) amounting to 0.326 million manat (0.5 percent) were issued, 14 large loans (1.7 percent) amounting to 7.62 million manat (10.6 percent) and 30 major loans (3.6 percent) amounting to 54.3 million manat (75.5 percent).

NFES was established in 1992. Loans are allotted to entrepreneurs through authorized banks and non-bank credit organizations, whose overall number is 38.

The official exchange rate is 0.7862 manat to $1 on July 19.

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