NFES mastered 17.3% of the budget for the current year

The National Fund for Entrepreneurship Support (NFES) granted loans to entrepreneurs operating in the village Garachukhur in the Surakhani district.

As reported in the Fund, as part of the state support of entrepreneurship in Baku settlements, agents of the fund granted 18 business entities with loans totaling 872 thousand manats, which in turn will create about 90 new jobs.

Since the beginning of this year, to finance 342 investment projects there has been allocated 51.8 million manat. During the 2011-2012 period that expired this year, for business lending in the Baku settlement on 419 projects there has been directed 102 million manat. Thus, the fund has mastered 17.3% under budget for 2013.

NFES was established in 1992 and started active lending in 2002. Issuing loans to entrepreneurs is arranged by 38 authorized banks and non-banking credit organizations. In 2012, the Fund for the financing of 2,400 investment projects allocated 218 million manat. NFES loans in 2013 are projected at 300 million manat, of which 50 percent should come from the budget. - 15D -