In 2006 AZN 80 mln. has been allocated from the State Budget for the development of the entrepreneurship in Azerbaijan, double the amount of previous years (AZN 6 mln. of which is directed towards the development of the entrepreneurship in Nakchivan Autonomous Republic), Trend reports with reference to the statement of the Economic Development Ministry of Azerbaijan.
The finance transferred to the National Fund for Entrepreneurship Development (NFED) as a privileged credit directed towards entrepreneurs through 31 authorized credit organizations 25 commercial banks, 1 non-banking credit organization, 5 credit unions and selected by the Competition Commission.
As of 1 October 2006, the privileged credits amounting to AZN 74.8 mln. have been allocated through NFED to finance investment projects of 1,391 entrepreneurs in 57 cities and districts of Azerbaijan.
The privileged credits have been disbursed for the manufacturing of the industrial products, the production and processing of agricultural goods, farmer economy, development of the tourism infrastructure, service sector, etc.
More than 85% of the financed projects are located in the region and 87% covers the production and processing.
More than 14,000 new workplaces are expected to be opened due to the projects financed this year.