National Entrepreneurship Support Fund Launched Financing at the Expense of Returned Credits

Business Materials 18 December 2006 15:09 (UTC +04:00)

To date, the National Entrepreneurship Support Fund has granted lax credits at the amount of 85,7 mln. AZN to the finance investment projects.

The credit resources are distributed via 33 authoritative credit organizations (27 banks, one non-banking organization, and 5 credit associations) all chosen by the Competitive Commission competitive basis, Trend reports referring to a press-release of the Azerbaijan Economic Development Ministry. 11,700,000 AZN were given at the expense of paying previously-given loans.

1,592 entrepreneurial bodies in 57 towns and districts have received funds by the National Fund. Over 85% financed projects fall at the regions. 87% out of them covered the production and procession fields. Lax credits were given to goods production, manufacture, agricultural processing, tourism infrastructure development, services, etc. Over 16,000 new jobs became available.

The National Fund received 74 mln. AZN from the State Budget this year. Six million AZN have been considered for financing the entrepreneurs from the Fund. The amount of budget funds being granted to developing the entrepreneurship from the State Budget in this year are in two times more (80 mln. AZN) than the last year.