Projects for Entrepreneurs in Dashkesan
Priority areas of lending business in the Dashkesan region have been defined. According to the National Fund for Entrepreneurship Support (NFES), in this region it is advisable to create livestock, beekeeping and potato-growing farms, enterprises processing and packaging fruits, enterprises for the production of plastic windows and doors, decorative stone, socks and sweets.
Special projects will be discounted - the authorized credit organizations of the Fund will definitely take them and give the authors of the draft advice. The Fund may allocate even a loan of up to 100% of the project cost.
NFES was established in 1992. Its credit agents are more than 50 banks and micro-finance organization. Last year, the volume of lending to local businesses through NFES was at 295 million manat. --17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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