The National Fund for Entrepreneurship Support (NFES) provided loans to businesses in Sabirabad and the surrounding areas.
As reported in the Fund, the authorized agents of the Fund provided loans totaling 5.3 million manat to 47 businesses, which in turn will create over 250 new jobs.
Since the beginning of this year to finance 1,785 investment projects, they have allocated 157 million manat. Of these, 769 projects worth 51 million manat were arranged in the Aran economic region. Thus, the Fund has mastered 78.5% under the budget for the year 2012.
NFES was established in 1992 and its active lending started 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. - 15D -
Economics
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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