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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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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