National Entrepreneurship Support Fund (NESF) has identified priority areas for lending to businesses in the metropolitan area Surakhani.
According to the report, they will lend shops selling environmentally friendly agricultural products, companies cutting meat, farm shops, modern greenhouses agriculture and farms for growing olives.
The site notes that entrepreneurs who plan to work in this direction will be supported in the first place – in NESF they can get relevant advice and even a loan of up to 100% of the project cost.
NESF was established in 1992. Agents of the Fund for loans are 46 bank and non-bank credit organizations. In 2013, the Fund issued preferential loans totaling 275 million manat. In 2014 the Fund plans to extend credits in the amount of 280 million manat.
The total volume of concession loans since 1992 has been 1,413,164,150 manat. --17D-
Economics
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On September 20, 2024, Volts Energy Ltd., an engineering company based in Abu Dhabi, and Azerbaijan’s Turan Energy LLC announced the creation of a new joint entity, TuranVoltsEnergy. This venture will focus on EPC (Engineering, Procurement, and Construction) projects in renewable energy and energy storage systems within Azerbaijan.
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The number of passengers traveling by air from Azerbaijan has seen a significant increase in 2024, rising by 26.7% from January to September compared to the same period last year. According to the State Agency for Tourism, a total of 2,548,897 people used air transport services to travel to 40 countries during this period.
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Azerbaijan’s prolonged border closures, approaching five years, have taken a profound toll on the labor market, particularly in border regions, where cross-border trade and services were once critical economic drivers. Official data highlights the stark disparity between the growing labor force and the lack of new job creation in these areas, underscoring the social and economic challenges faced by residents.
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Azerbaijan’s food imports have surged to unprecedented levels, with a significant rise recorded in the first nine months of 2024, according to data from the State Customs Committee. Food imports for January-September reached USD 1.755 billion, marking an 11.4% increase over the same period last year. This represents a USD 179.7 million increase compared to 2023, setting a record for food imports in the country’s history. Over the past decade, food imports have more than doubled, rising by 2.4 times, with a notable 52.5% growth in the last five years alone.
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