NFES Masters 74% of the 2012 Budget
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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