The National Fund for Entrepreneurship Support (NFES) granted loans to entrepreneurs operating in the Bina settlement of the Khazar district.
As reported in the fund, as part of the state support of entrepreneurship in Baku settlements, agents of the fund issued loans totaling over 10.6 million manat to 15 businesses, which in turn will create over 400 new jobs.
Since the beginning of this year to finance 132 investment projects, there has been allocated 21.4 million manat. During the 2011-2012 period, and the expired period of this year AZN 82.6 mln was spent on business lending in Baku settlements on 415 projects. Thus, the fund has mastered 7.1% of the budget envisaged 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 -
Economics
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