Azerbaijan intends to keep level of preferential crediting of business at current level in 2014

Azerbaijan intends to keep level of preferential crediting of business at current level in 2014

Azerbaijan, Baku, October 2/Trend, E. Aliyev/

The National Fund for Entrepreneurship Support (NFES) under the Economic Development Ministry of Azerbaijan plans to send at least 250 million manat for preferential financing of entrepreneurship projects in 2014, the head of NFES Shirzad Abdullayev told journalists on Wednesday.

Over 245 million manat worth of preferential loans have been given through the National Fund since early 2013.

According to him, the financing is directed to implementation of investment projects on the priority areas of the national economy.

"Some 63.8 per cent of the total number of projects is related to the agrarian sector and 36.2 per cent with production and processing of industrial products," the NFES head stressed.

In 2013 the National Fund planned to give about 250 million manat of loans, some 100 million manat of which will be provided at the expenses of loan repayments, and the remaining 150 million manat at the expenses of state budget funds. But it is possible that the volume of financing will exceed the previously announced volume.

The NFES was established in 1992.The issuance of loans to entrepreneurs is carried out through authorized banks and non-bank credit organizations,f the total number if which equals 43.

Official exchange rate on October 2 is 0.7845 AZN/USD.

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