Almost all entrepreneurial projects (2579 of 2602) received in the past year by the National Fund for Entrepreneurship Support (NFES) were funded.
According to data reported by the fund (http://anfes.gov.az/files/Hes_2012.pdf), demand for loans for projects approved in 2012 to fund amounted to 239 million 356.5 thousand manats.
According to the fund, most (1108) of the projects involved the entrepreneurs of Aran economic region. Much less figures accounted for other regions. So, on the Ganja-Gazakh economic region had 445 projects, villages and settlements around Baku - 223, at Guba-Khachmaz economic region - 170, on the Lankaran economic region - 190, and so on, descending line.
Much of the credit allocated to agriculture and processing sector - 165 million 403 thousand manats for the implementation of 2450 projects.
According to official figures, the fund has financed since the beginning of the year 1397 investment projects totaling 145.3 million manats.
NFES was established in 1992 and active lending by the Fund began in 2002. Issuance of loans to entrepreneurs is arranged by 38 authorized banks and non-banking credit organizations. - 17D-
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- Economics
- 22 May 2013 17:24
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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