78% of budget for fiscal year 2013 used by the National Fund for Enterpreneurship Support
The National Fund for Entrepreneurship Support has allotted the entrepreneurs working in Lerik and adjoining to it regions soft credits.
A source from the Fund said that the authorized agents of the Fund allotted credits to 64 businessmen to a total amount of 426,000 AZN, which will allow creating almost 80 new jobs.
Since early 2013 over 194.4 million AZN was allocated to fund 2424 investment projects. During this period over 1430 projects worth 66.1 million AZN has been implemented in the Lenkoran economic zone.
The Fund was created in 1992 and the Fund started allotting credits in 2002. The credits are allotted to the businessmen by 38 authorized banks and non-bank credit organizations. In 2012 the Fund allotted 218 million AZN to fund 2400 investment projects. In 2013 the Fund is going to allot credits worth 250 million AZN. Therefore, the Fund used 73.2% of the budgetary funds.—0--
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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