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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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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