In the first half of 2014 the National Fund for Entrepreneurship Support (NFES) funded over 2,600 projects of business entrepreneurs who have been granted loans totaling 129 million manat. 84% of funds were used to finance agricultural projects.
The focus remains villages of Baku, which accounted for 21% of the funded agricultural projects, said the Minister of Economy and Industry Shahin Mustafayev.
Since early this year, was commissioned 20 industrial, processing and infrastructure projects by the end of the year is expected to put into operation 60 such enterprises. The Minister stressed that the financing of small business is encouraged cooperation with credit unions and non-bank credit organizations, the number of which is growing in the regions. This year the number of projects funded by NFES increased 27%.
In 2014, the Fund plans to introduce preferential loans totaling 280 million manat. 08D
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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