The National Fund for Entrepreneurship Support (NFES) under the Ministry of Economic Development signed an agreement with PricewaterhouseCoopers Audit Azerbaijan LLC for the audit of its activities in 2014. The company becomes the third consecutive NFES auditor.
The cost of the contract is 23 million manat, which is 20 % less than in the previous year. An audit of the fund for the fiscal year 2012 cost about 38,940 manat.
According to the financial report, at the beginning of 2013 lending rose from 446.3 million to 542.8 million manat. Of these, 527 million manat was allocated in the form of loans.
In 2011, operating and other expenses of NFES were 536,000 manats. In 2012, these expenditures reached 583 thousand manats (+8.7 %).
International audit of the financial activity of NFES has been done over the past five years. - 08B-
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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