The National Fund for Entrepreneurship Support (NFES) granted loans to entrepreneurs in Zabrat village in the Sabunchu region of Baku.
As reported in the fund, as part of the state support of entrepreneurship in Baku settlements, agents of the fund provided 18 business entities with loans totaling over 2.8 million manat, which in turn will create up to 90 new jobs.
Since the beginning of this year, 164.3 million manat have been allocated to finance 2,003 investment projects. During 2011, and the elapsed time of the year AZN 57 million was allocated for 362 projects arranged by entrepreneurs in the Baku settlements. Thus, the Fund has mastered 82.2% of the budget for the year 2012.
NFES was established in 1992 and started active lending in 2002. 38 authorized banks and non-banking credit organizations arrange loans to entrepreneurs. In 2011, the Fund financed 1,643 investment projects worth 138 million manat. Of these, 210 projects amounting to AZN 35 million were realized in the Baku settlements. NFES loans in 2012 are projected at 200 million manat, of which 90.1 million manat is to be allocated from the state budget. - 15D -
Economics
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