Preferential credits repayment grows by 4.5 times in Azerbaijan

Business Materials 15 December 2011 16:18 (UTC +04:00)

Azerbaijan, Baku, Dec. 15 / Trend N. Ismayilova /

The repayment of credits given by the National Fund for Entrepreneurship Support (NFES) under the Azerbaijan Ministry of Economic Development has increased by over 4.5 times over the past three years, NFES Executive Director Shirzad Abdullayev told journalists.

"In 2011 the National Fund provided a repayment of earlier given credits in the amount of 104 million manats," Abdullayev said.

According to Abdullayev, the amount of credits repayment has increased by several times in recent years. "If this figure amounted 23 million manats in 2008, then it reached 104 million manats in 2011," Abdullayev said.

According to Abdullayev, the amount of earlier given preferential credits' repayment planned for 2012 amounts to 110 million manats.

"All credits are repaid in accordance with the schedule and there are no problems with the repayment," Abdullayev said.

NFES was established in 1992. In 2011, the fund planned to finance the preferential credits in the amount of 138 million manats, 34 million manats of which was allocated from the state budget and the remaining funds must be provided through the repayment of earlier given credits. Since the beginning of 2011 NFES financed 1,626 investment projects in the amount of 135.8 million manats.

The official exchange rate on Dec. 15 is 0.7863 AZN / USD.