Priority spheres of lending businesses in the Sabunchu district of Baku have been determined. According to the report of the National Fund for Entrepreneurship Support ( NFES), as appropriate were recognized lending projects to create a logistics center for the storage , preparation and sale of agricultural products; specialized complex " green market" ; and small enterprises producing socks and greenhouses.
NFES was established in 1992. Agents of the Fund for loans are 44 banks and non-bank credit organizations. In 2013, the Fund disbursed subsidized loans for 275 million manat . In 2014, the Fund plans to issue loans for 280 million manat. - 17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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