Azerbaijan National Fund for Support Entrepreneurship Utilises 54.5% of 2007 Budget
Azerbaijan, Baku / corr Trend I.Khalilova / To date, privileged credits allocated through the Azerbaijan National Fund for Support Entrepreneurship (NFSE) for financing business units has amounted to AZN 43.6mln, a source at the Azerbaijani Ministry of Economic Development reported.
The Fund's credits were allocated amongst 357 enterprises in 48 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 the projects are related to production and are implemented in the refinery sector.
Privileged credits were allocated for the manufacturing of industrial products, production and reproduction of agriculture products, development of the tourist infrastructure, service sectors, etc. Over 6,000 new jobs opened this year at the expense of the financed project.
In accordance with new rules on the assimilation of the Fund's credits, adopted on 28 December 2006, the term of distribution of small and micro-credits is 2 years, mid-term credits is 3 years, long-termcredits is5 years and large-scale credits is 7 years. By the decision of the Observation Board of the NFSE, exclusions can be injected into the terms for the 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.