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National Fund to Support Entrepreneurship in Azerbaijan Spends First Installment of Privileged Credit

Business Materials 2 June 2007 11:21 (UTC +04:00)

Azerbaijan, Baku / corr Trend I.Khalilova / So far, privileged credits allocated through the Azerbaijan National Fund for Support Entrepreneurship (NFSE) for financing business units amounted to AZN 15mln. The Azerbaijani Ministry for Economic Development announced on 1 June that Fund had fully spent the first installment remitted to its account out of the pubic budget since the beginning of the year.

The Fund's credits were allocated among 118 enterprises in 41 cities and districts. The privileged credits of the Fund are distributed through 27 authorized commercial banks, 1 non-bank organization and 5 credit unions.

Over 77% of the projects are financed in the regions, while 88% of projects are of production direction and are implemented in the refinery sector.

Privileged credits were allocated for manufacturing industrial products, production and reproduction of agriculture products, development of tourist infrastructure, service sectors, etc. Over 1,700 new jobs opened this year at the expense of the project financed.

In accordance with new rules on assimilation of Fund's credits, adopted on 28 December 2006, the term of distribution of small and micro-credits is 2 years, mid-term 3 years, big 5 years, large-scale 7 years семи лет. At the decision of the Observation Board of the NFSE some exclusion can be injected in the term of issue of credits.

The 2007 public budget assignments for the Fund comprises AZN 80mln, including AZN 6mln allocated for financing business in the Nakhchivan Autonomous Republic of Azerbaijan.

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