Quarterly Report from NFES

The report of the National Fund for Entrepreneurship Support (NFES) under the Ministry of Economy and Industry of Azerbaijan for January-March has been published.

The majority of total loans (58%) were granted for the production and processing of agricultural products. The financing of 1,245 projects in this area cost 24.1 million manat.

The production and processing of various industrial products regarded 16 projects worth 2.4 million manat (5.9% of the total loans). But two infrastructure projects in the services sector cost the government 15 million manat (36.1%).

Almost the entire volume (98.8% of the projects) is the proportion of so-called small loans. But in terms of value (13.5 million AZN) they lose to the segment of large loans. Ten 10 major loans (0.8%) were allocated 26.5 million manat or 63.9% of all the funds, while small loans were 32.6% and average loans were 3.5%.

By the end of the year NFES plans to issue 130 million manat by returning previously allocated loans and receiving from the state budget an additional 100 million manat In general, the Fund intends to accumulate 1 billion 747 million manat, of which 931 million is budgetary funds).

NFES was established in 1992. Issuance of loans to entrepreneurs is carried out through 45 authorized banks and non-bank credit organizations. --17D-