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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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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