The total amount of concession loans to entrepreneurs in Azerbaijan through the National Fund for Entrepreneurship Support (NFES) is about 1.3 billion manat.
According to the fund for the period activities NFES entrepreneurs in Azerbaijan issued preferential loans worth a total of 1,298,241,151 manats. Concession loans were issued to 21,121 entrepreneurs.
NFES was established in 1992. Agents fund for loans are 44 banks and non-bank credit organizations.
In the past, the Fund disbursed loans totaling 275 million manat. In 2014 the volume of concession lending to entrepreneurs from the Fund is 280 million manats.
The main part of the loans is granted to agriculture. In January - April this year, the share of agriculture amounted to 4.37% of the gross domestic product of Azerbaijan. - 17D-
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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