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 economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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