In 2007, the state budget plans to allocate finance not less than 2006 for financing the projects through National Fund for Entrepreneurship Development (NFED). The Economic Development Minister of Azerbaijan Heydar Babayev stressed that it is expected to allocate AZN 80 million, Trend reports.
The Fund cannot replace the banking system with the finance of small and medium enterprises, and therefore, it needs to function carefully. But the amount of the state finance will be not less than 2006 to show the interest of state towards the development and support of entrepreneurship. An appropriate decision will be made later, Babayev stressed.
At present, the final details of the project for renewal of rules of the National Fund are being worked out. According to the Minister, they will be confirmed with common pack.
As of 1 September 2006, privileged credits amounting to AZN 64.8 million have been provided through NFED.