BAKU12/.11.12/TURAN National Fund for Entrepreneurship Support (NFES) provided loans to businesses in the surrounding areas of Samukh.
As reported in the fund, the funds' authorized agents 44 businesses provided loans totaling 561 thousand manats, which in turn will create up to 80 new jobs.
Since the beginning of this year, to finance 2144 investment projects, 196 million manat was allocated. Of this, 376 projects totaling 13.2 million manats were sold in Ganja-Gazakh economic region. Thus, the fund has mastered 98% under budget for the year 2012.
NFES was established in 1992 and has an active lending fund started in 2002. Issuing loans to entrepreneurs, 38 authorized banks and non-banking credit organizations. In 2011, 138 million manat was allocated for the funding of 1643 projects. NFES loans in 2012 are projected at 200 million manat, of which 90.1 million manat funds allocated from the state budget. In 2013, lending is to reach 300 million manat, of which 50 percent should come from the state budget. - 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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