The National Fund for Entrepreneurship Support (NFES) issued a report for 2016 on the areas of lending and the volume of loans issued to entrepreneurs, according to which, the proportion of large projects in the portfolio of concessional lending increased by 7.9%.
In 2016 through NFES authorized credit organizations funded 2,477 projects. Preferential loans totaling 189.4 million manat were granted, which is 59 milllion manat or 23.8% less than in the previous year.
The bulk of the loans, as in the previous year, is aimed at agricultural production - 120.8 million manat.. The share of agricultural projects (2,336) exceeded 94% in the NFES portfolio.
Funded were 12 projects on agricultural processing, the credit demand on which was 22.5 million manat. Also it financed (32,5 million manat) 121 projects for the production of various industrial products.
NFES noted that in 2016 it allocated 157.6 million manat for the implementation of 41 large-scale project on the AMF standards. Large loans are considered, the amount of which reaches 10 million manat. Their repayment can last up to 10 years. ---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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