The National Entrepreneurship Support Fund under the Ministry of Economic Development of Azerbaijan has started to receive from the owners investment projects in priority areas in Masally.
As stated in the ministry here will be accepted projects for the creation of small and medium-sized enterprises the production of bread, small livestock breeding farms and greenhouses and small enterprises producing construction materials.
From today, the subjects have the right to apply to the fund by authorized credit institutions, the report said.
NFES was established in 1992 and its active lending began in 2002. Issuance of loans to entrepreneurs is done 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.
Since the beginning of the year, to finance 3,935 investment projects there has already been allocated 263.6 million manat. -15D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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