Priorities for the business people of the Shabran region have been announced. Following the announcement of the National Fund for Entrepreneurship Support (NFES) suitable development projects are specialized "green stores", greenhouses, farms of intensive horticulture, dairy cattle farms, enterprises for the production of bread, sweets, as well as doors and windows.
Holders of these pans can not only provide the authorized credit organizations fund their projects, but also to rely on appropriate consultation, as well as a loan of up to 100% of the project cost.
NFES at the Ministry of Economy and Industry with the Supervisory Board of 7 persons was established in 1992. Its agents to extend credits are 50 banks and non-bank credit organizations. Last year, through the NFES local entrepreneurs in the form of soft loans were granted 295 million manats.
Banks give out soft loans through the NFES for up to 48 months depending on the size and goals of the loan at an annual rate of 4 to 6%. --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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