National Fund for Entrepreneurship Support (NFES) through authorized credit organizations issued since the beginning of 2013 soft loans to entrepreneurs in Azerbaijan in the amount of 148.5 million manat, according to the press release from the Ministry of Economic Development Ministry of Economic Development.
This year for the fund has financed 1,608 projects.
NFES on Thursday organized an event in Lokbatan of the Garadagh district on state business in the suburbs of Baku. The event was attended by about 150 businessmen.
The Executive Director of the Fund Shirzad Abdullayev said that entrepreneurs operating in the suburbs of Baku, in 2011 to 2013 were issued preferential loans worth 121.8 million manat from NFES to implement 510 investment projects.
"Financing of these projects will create more than 4 million new jobs," said Abdullayev.
The event on Thursday distributed concession loans totaling 2.4 mln manat to 22 business entities. These funds will be used to implement projects for the production of baked goods, bread, of livestock, poultry, and logistics. Lending to these projects will create about 100 new jobs. - 17D-
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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