Priorities for the business people of the Sabirabad region have been identified. According to the National Fund for Entrepreneurship Support (NFES), it is advisable to lend for "green stores," enterprises for the production of bread, ketchup, mayonnaise, mustard, cheese and dried fruit, as well as large farms, small livestock farms, and farms of intensive horticulture.
Holders of such projects can count on appropriate consultation with the authorized credit organizations of NFES, and in case of success on a loan of up to 100% of the project cost.
NFES at the Ministry of Economy and Industry was established in 1992. Its agents in the issuance of loans are 57 banks and non-bank credit organizations.
In 2014, NFES allocated 295 million AZN to entrepreneurs. Recall that in the same year, the prosecutor's office initiated four criminal cases concerning the theft of NESF funds by banks. Unearmarked credits for this line, too, were the subject of intense investigation of law enforcement bodies of Azerbaijan. --17D-
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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