Preliminary volume of preferential crediting of Azerbaijani business in 2013 announced

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

The National Fund for Entrepreneurship Support (NFES) under the Economic Development Ministry of Azerbaijan announced the preliminary volume of preferential crediting for 2013. The Fund plans to give some 275 million manat of preferential credit this year, the head of NFES Shirzad Abdullayev told Trend.

It was primarily planned to give about 250 million manat of credit through the National Fund, some 100 million manat of which would be at the expenses of loan repayments and the remaining 150 million manat at the expenses of state budget funds.

Abdullayev said that according to the latest data, the volume of loans given by the National Fund this year already exceeds 245 million manat.

"The process of giving loans to entrepreneurs on the basis of their applications will continue until the end of the year at the expenses of resources repaid by the entrepreneurs for the loans earlier given by the NFES," Abdullayev said.

According to him, the volume of the preferential crediting of entrepreneurs grows year on year.

"To date, in total over $ 1.2 billion manat worth of loans were given to some 19,450 entrepreneurs. About 680 million manat was allocated from the state budget and the remaining sum was provided at the expenses of repaid funds to the National Fund. The specific weight of funds repaid for loans permanently grows as a source of preferential financing. It's safe to say that the volume of repaid funds will exceed the expected level this year," the head of the National Fund added.

NFES was established in 1992.The giving of loans to entrepreneurs is carried out through authorised banks and non-bank credit organisations which total 43.

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

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