The National Fund for Entrepreneurship Support (NFES) has provided grace credits to IDPs working in Bilasuvar.
According to the Fund, the authorized agents of the Fund paid 30 displaced people in Jabrail region loans totaling $ 257,000 manat, which in turn will allow to create 30 new working places.
Since the beginning of the year, for the financing of 2327 investment projects were provided more than 188.6 million manat. During this period more than 1,000 displaced people engaged in business, were issued grace credits worth 21 million manat, and since the beginning of the year 150 entrepreneurs received loans for AZN 2.2 million.
The NFES was established in 1992, and the Fuind began active lending in 2002. Issuance of loans to entrepreneurs is carried out by 38 authorized banks and non-banking credit organizations. In 2012 for the funding of 2400 investment projects the Fund allocated 218 million manat. NFES loans in 2013 are forecast at 250 million manat. Thus, the Fund has mastered 75.44% of the budget. - 15D -
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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