NFES mastered almost 98% of the budget for this year

BAKU/05.11.12/TURAN National Fund for Entrepreneurship Support (NFES) granted loans to entrepreneurs operating in the settlement of Keshle in the Nizami district.

As reported in the fund, as part of the state support of entrepreneurship in Baku settlements agents of Fund provided loans totaling over 10.9 million manat to 21 enterprises, which in turn will create up to 450 new jobs.

Since the beginning of this year to finance investment projects in 2128 was allocated 195.8 million manat. During 2011 and the elapsed time of the year for lending 375 entrepreneurs in the Baku settlements was directed funds of 68.9 million manat. Thus, the fund has mastered 97.9% for the year 2012 under budget.

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 2011, the Fund for the financing of 1,643 investment projects allocated 138 million manat. NFES loans in 2012 are projected at 200 million manat, of which 90.1 million manat is allocated from the state budget. In 2013, lending is to reach 300 million manat, of which 50 percent is from the budget. - 15D -