The National Fund for Entrepreneurship Support (NFES) has provided this year 81.9 % of the funds for the implementation of major projects. Thus, ironically, the fund that initially aimed to support small and medium-sized businesses has become a donor for major entrepreneurship.
According to the promulgated NFES table for the implementation of 57 projects the fund allocated loans of large size (up to 10 million manat) - a total of more 200.7 million manat. Most of the funds (122.9 million or 50.1 %) were focused on financing projects in agricultural production. 9 projects for funding for processing agricultural products were allocated 32.6 million manat.
In January -September NFES funded 3,527 projects, 97.9% (3,452) of which is accounted for by small loans (up to 10,000 manat). For their funding there was directed 41.8 million manat, which is 17 % of the total allocated credits.
If large projects promise to open 3,873 new jobs, "small" projects will open 6,114 jobs, according to NFES.
This year and in 2014 the volume of concession lending business at the expense of NFES is to be 250 million manat. The Fund operates under the Ministry of Economy and Industry. Means to the Fund are allocated from the state budget. - 08D-
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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