Minister: Azerbaijan will continue to increase sonft lending to business
Azerbaijan, Baku, Oct. 19 /Trend, A.Akhundov/
The National Fund for Entrepreneurship Support (NFES) under the Economic Development Ministry of Azerbaijan plans to increase soft financing to 138 million manat in 2011, which is the highest figure for the entire period of the Fund's activities.
"In the future, the preferential lending for projects of entrepreneurs will increase in Azerbaijan," Economic Development Minister Shahin Mustafayev said in an interview posted in the official press on Wednesday.
Previously, the National Fund forecasted to provide loans worth 125 million manat in 2011. "In 2012, the Fund projects to provide preferential loans of 200 million manat through authorized credit institutions," said Mustafayev.
According to the minister, 110 million manat of them will account for monies repaid for previously issued loans, 90 million manat - the state budget.
Soft loans will be focused primarily on the development of complexes for growing cattle, poultry, grain, seed, grape-growing and tea-growing farms, greenhouses, cold storage facilities, as well as for financing the creation of industrial enterprises, youth, small farmers and family farms, business of internally displaced persons, women and low-income families and others.
NFES was established in 1992. In general, in 2006-2011, the Fund received 453.1 million manat from the state budget to finance businesses on preferential terms.
Official exchange rate on Oct. 19 is 0.87 AZN/USD