Last year NFES expanded lending by 58%
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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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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