The National Fund for Entrepreneurship Support (NFES) under the Ministry of Economic Development funded 2,419 projects with a total amount of 218 million manats in 2012. This is quantified by 47.2%, and in total - 58% more than in 2011.
In the past year to fund 63 major projects there was allocated 183.3 million or 84% of the funding. For 2,328 small projected they gave 28.3 million manats, and for 28 average projects - 6.44 million manats.
NFES was established in 1992 and active lending by the fund began in 2002. It provides loans to entrepreneurs through 38 authorized banks and non-banking credit organizations. NFES loans in 2013 are projected at 300 million manat, of which 50 percent is from the budget. - 15B -
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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