The priority areas for lending to entrepreneurs in the Khazar district of the capital are known. According to the National Fund for Entrepreneurship Support (NFES), the lending will regard specialized green stores, livestock and bee farms, enterprises for the production of plastic doors, windows, decorative stone and socks.
Those who present special projects may be eligible for appropriate advice and even a loan of up to 100% of the project cost.
NFES was established in 1992. Agents of the Fund for loans are 50 banks and non-bank credit institutions. The volume of lending to entrepreneurs in Azerbaijan through NFES in 2014 amounted to 295 million AZN. --17D-
Economics
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Azerbaijan's tourism industry has shown marked signs of recovery and growth in the first nine months of 2024, underscoring the sector's resilience and adaptability in the post-pandemic landscape. As of September 2024, nearly 2.086 million foreign tourists visited Azerbaijan, a robust increase of 30.2% compared to the same period in 2022. The country witnessed a particularly strong performance in July 2024, with 271,591 tourists—a 21% rise from July last year.
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Freight traffic along the Trans-Caspian International Transport Route has shown a remarkable increase in the first nine months of 2024, bolstered by a concerted push from participating countries to enhance their transport corridors and logistical frameworks. The strategic corridor, which links Asia and Europe via the Caspian Sea, has seen cargo volumes surge by 2.7 times compared to the same period in 2022, highlighting its growing significance as a viable alternative to traditional trade routes.
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In September 2024, the prices of building materials in Baku increased by an average of 0.9% compared to the previous month, reflecting a stable yet slightly inflationary trend in the construction sector. This trend has been driven by a mix of local demand factors and fluctuations in import prices, particularly for materials such as timber and rebar.
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The British Islamic Trade Association and the Association of Food and Beverage Producers of Azerbaijan signed a Memorandum of Understanding (MoU) during the first Azerbaijan Halal Business and Tourism Forum (AZHAB Forum), held in Baku on October 8-9, 2024.
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