Credits for the amount of 370 billion manats have been allocated from the means of the National Fund for Support of the Entrepreneurship (NFSE) during the period of its existence, the Minister of Economic Development, Farhad Aliyev reported on 24 June. According to him, with all these, 50 billion manats were realized in 2003, 100 billion manats - in 2004. 200 billion manats more are planned to realize in 2005.
Aliyev noted, that 25 fundвЂ™s agents are currently involved in issuing loans, 21 out of which are banks, and 4 вЂ"non-bank loan institutions. According to Alieyev, parallel to the growth of the volume of financing up to $1 million for one project, the time parameters of crediting also increased from 3 to 5 years. However, in case of need, the loan may be allocated for the period of up to 7 years.
It should be noted, that the NFSE, through which a state financing of the entrepreneurship is carried out, had been allocated 65 billion manats in 1992-2002 and only some 10% have been used.