Azerbaijan directs 50 percent of concessional funding to agriculture
Azerbaijan, Baku, Jan.17 / Trend N. Ismayilova /
The National Fund for Entrepreneurship Support (NFES) has funded 1,643 projects worth 138 million manat in 2011, the NFES balance sheet published on Tuesday by official press says.
According to the report, the projects will facilitate creating 6,478 new jobs.
The NFES funded 104 projects in industrial production and processing totaling 27.65 million manat. Some 16.85 million manat was allocated to implement 13 projects in processing agricultural products, 70.4 million manat for 1,503 projects in agricultural production, and 23.14 million manat for 23 projects in services development.
The NFES issued 1,550 small loans (94.3 percent of total loans) worth 19.3 million manat (14 percent of the total portfolio of issued loans). During the reporting period, 18 medium loans (1.1 percent) to $ 4.1 million manat (2.9 percent) and 75 major loans (4.6 percent) worth 114.61 million manat (83 percent).
The NFES was established in 1992. The loans are issued to entrepreneurs through authorized banks and non-bank credit organizations.
The official exchange rate is 0.7864 manat to $1 on Jan.17.