In January-September credits through the National Fund for Entrepreneurship Support (NFES) were received by 4,378 entrepreneurs. Cumulative preferential loans amounted to 242 million manat, according to the press release of the Ministry of Economy and Industry.
According to the MEI, the last project was the organization by NESF of events in Gusar involving 100 entrepreneurs from the Guba-Khachmaz economic region. "During the event on Thursday concession loans totaling 3.4 million manat were received by 50 business entities. Loan funds have been allocated for projects in the fields of animal husbandry, horticulture, viticulture, poultry, establishing logistics centers and others. Businessmen of the region received preferential loans worth 130.3 million manat for the implementation of 1,742 projects," the statement said.
NESF was established in 1992. Its authorized agents for loans are 46 bank and non-bank credit organizations.
In 2013, the Fund disbursed subsidized loans for 275 million manat. This year the Fund will issue preferential loans worth 280 million manat. --17D-
Economics
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Azerbaijan’s State Agency for Tourism has inspected more than 300 hotels and lodging establishments across Baku, Sumgait, and the Absheron district as part of its preparations to accommodate international visitors attending the upcoming COP29 climate summit. Approximately 220 of these locations have now received an official star rating, with 10 hotels designated as five-star, 20 as four-star, and the remainder across other star ratings.
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For several months now, there have reportedly been delays in the disbursement of pensions and social payments in Azerbaijan. Pensioners say that the delays range from three to five days. For example, they emphasize that while disability pensions used to be paid by the 15th of each month earlier in the year, for the past three months, payments have been made on the 20th or 21st.
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Azerbaijan's revenues from tobacco exports have skyrocketed, with earnings from the first eight months of 2024 reaching $15.6 million, a nearly fivefold increase from $3.2 million during the same period last year. The sharp rise highlights the expanding international demand for Azerbaijan's tobacco products.
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Azerbaijan imported 11,100 tons of tea worth $57.9 million in the first nine months of this year, according to the State Statistics Committee, marking a 14.4% rise in volume and a 13.9% increase in value compared to the same period in 2023. However, with only 500 tons of tea exports totaling $4.8 million, Azerbaijan remains heavily dependent on imported tea, which meets 98% of domestic demand.
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