May 17 National Fund for Entrepreneurship Support (NFES) under the Ministry of Economic Development issued soft loans to 62 business entities in the Agdam region. They were worth 685.9 million manat.
As the NFES said, since its inception it has provided loans worth 20.3 million AZN to 971 refugees engaged in business.
According to official figures, the Fund has financed since the beginning of the year 1,397 investment projects totaling 145.3 million manats.
NFES was established in 1992 and started active lending in 2002. Issuance of loans to entrepreneurs is arranged by 38 authorized banks and non-banking credit organizations. In 2012 the Fund to finance 2,400 investment projects allocated 218 million manat. NFES loans in 2013 are forecast at 250 million manats. -17B-
Economics
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Azerbaijan’s Cabinet of Ministers approved a detailed framework for the preparation of sector-specific strategic plans aimed at guiding the country’s economic development over the medium term.
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Azerbaijan’s ADY Express, a subsidiary of Azerbaijan Railways CJSC, signed several strategic agreements on the sidelines of the Logitrans Türkiye 2024 exhibition in Istanbul, Turkey, reinforcing its commitment to expanding freight transport services along the Middle Corridor.
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Azerbaijan plans to establish state-of-the-art battery storage facilities for green energy with a total capacity of 350 MW within the next 4-5 years, a well-informed source in the Ministry of Energy told Turan.
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Shareholders of the Caspian gas condensate "Absheron" project plan to approve the Front End Engineering Design (FEED) in December, laying the groundwork for full-scale development of the field, an informed source told Turan.
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