Azerbaijan National Entrepreneurship Development Fund Used 32% of its 2007 Budget
Azerbaijan, Baku /corr. Trend I.Khalilova / Currently preferential credits in amount of AZN 25.6 mln have been allocated through Azerbaijan National Entrepreneurship Development Fund to finance entrepreneurship projects, a source state at the Ministry of Economic Development of Azerbaijan. Nearly AZN 30 mln have been transferred to the account of the Fund.
The credits have been granted to 228 entrepreneurs in 44 regions and cities of Azerbaijan. The credits are granted through 27 authorized banks, one non-banking organization and five credit organizations. More than 80 per cent of the projects are located in regions and 86 per cent of the projects are directed towards production and processing.
The preferential credits were granted for the production of industrial products, production and processing of agricultural products, development of the tourism infrastructure, service sector, etc. Nearly 4.000 new workplaces are expected to be opened through the projects. The 2007 State budget of Azerbaijan has allocated AZN 80 mln, with AZN 74 mln for financing investment projects of entrepreneurs through NFED and AZN 6 mln for the development of the entrepreneurs in Nakchivan Autonomous Republic of Azerbaijan.