Over half of concessional financing in Azerbaijan in 2012 provided through repaid loans
Azerbaijan, Baku, Aug. 3 / Trend A.Hasanov /
In 2012, the amount of funding secured through the repayment of loans from the National Fund for Entrepreneurship Support (NFES) under the Ministry of Economic Development (MED), has reached 70 million manat, NFES executive director Shirzad Abdullayev told reporters on Friday.
"This is 60 percent more compared to the last year," Abdullayev said.
He said that by the end of the year, funding from the repaid funds could increase by another 40 million manat.
Since the beginning of 2012 NFES granted soft loans at 127.9 million manat to finance 1546 investment projects. Implementation of these projects will create about 6,400 new jobs.
In 2012, the Fund plans to grant loans at 200 million manat, of which 110 million manat will be provided through the repayment of loans.
NFES was established in 1992. Issuance of loans to entrepreneurs is made through authorized banks and non-bank credit organizations, whose total number is 36.
The official exchange rate is 0.7855 AZN to $1 on August 3.