The National Fund for Entrepreneurship Support (NFES) provided loans to businesses in Barda and the surrounding areas.
As reported in the fund, the fund through its authorized agents provided 77 business entities with loans totaling 6.5 million manat, which in turn will create over 300 new jobs.
Since the beginning of this year 1,660 investment projects have been allocated 148 million manat. Thus, the fund has mastered 74% under budget for the year 2012.
NFES was established in 1992 and its active lending started in 2002. Issuing loans to entrepreneurs is managed 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 funds allocated from the state budget. - 15D -
Economics
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Russian delegates at the COP 29 climate summit have reaffirmed their commitment to upholding the principles of the UN Framework Convention on Climate Change (UNFCCC) and the Paris Agreement. The Russian Federation stressed the importance of adhering to the principle of "common but differentiated responsibilities," arguing that developed nations must continue to honor their commitments to climate finance, while allowing developing countries to contribute on a voluntary basis.
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The world faces a shortfall of up to $87 billion annually for climate adaptation efforts by 2030, according to Lord Livermore, Financial Secretary to the UK Treasury. Speaking at the panel discussion titled "Mobilizing for Climate Action: Countries, Multilateral Financial Organizations, and the Private Sector Implementing the Paris Agreement," Livermore highlighted the urgent need for increased investment in adaptation measures.
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In the first nine months of 2024, Azerbaijan’s alcohol and non-alcoholic beverage production totaled a mere $53 million, underscoring the dismal outcomes of the State Program for the Development of Winemaking (2018–2025). Despite being endorsed by the president in 2018, the program has delivered lackluster results despite formal state funding. In essence, the state intervention intended to foster growth in the industry has yielded minimal success.
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Azerbaijan and EIB Global, the European Investment Bank’s external branch, signed a Memorandum of Understanding (MoU) at the COP29 climate summit to modernize and expand the Baku metro network, officials said on Thursday.
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