In 2012, NFES funded projects by 209 million manats


BAKU/07.12.12/TURAN National Fund for Entrepreneurship Support (NFES) provided loans to businesses in the surrounding areas of Gobustan.

As reported in the fund, the fund's authorized agents provided loans totaling 443 thousand mantas to 50 businesses, which in turn will create over 70 new jobs.

Since the beginning of this year to finance 2,327 investment projects it allocated 209 million manat. Of these, 783 projects totaling 24.2 million manats were implemented in the Upland Shirvan economic region.

NFES was established in 1992 and started active lending in 2002. Issuing loans to entrepreneurs is arranged by 38 authorized banks and non-banking credit organizations. In 2011, the Fund for the financing of 1,643 investment projects allocated 138 million manat. NFES loans in 2012 are projected at 200 million manat, of which 90.1 million manat should be allocated from the state budget. In 2013, lending is to reach 300 million manat, of which 50 percent will be from the budget. - 15D -


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