The National Fund for Entrepreneurship Support (NFES) granted soft loans to entrepreneurs in Masally and the surrounding areas.
As reported in the fund, the fund's authorized agents granted 40 business entities with loans totaling 529.5 thousand manats, which in turn will create about 70 new jobs.
Since the beginning of this year to fund more than 3,935 investment projects they have provided more than 263.6 million manat. Total in the Lenkoran economic zone they implemented 1,522 projects worth 68 million manat.
NFES was established in 1992 and its active lending began in 2002. Issuance of loans to entrepreneurs is made by 38 authorized banks and non-banking credit organizations. In 2012 the fund to finance investment projects in 2,400 areas allocated 218 million manat. NFES loans in 2013 were projected at 250 million manat. -15D -
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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