Over half of preferential financing directed to agriculture sector
The National Fund for Entrepreneurship Support under Azerbaijan's Economic Development Ministry financed 606 projects worth 81.346 million manat in the first quarter of 2013, the balance sheet of the fund said on Thursday.
The implementation of these projects through the National Fund for Entrepreneurship Support's soft loans contributes to the creation of 2,384 new jobs, 70.9 percent of which is envisaged in the agriculture.
The fund financed 27 projects in different fields of production and processing of industrial products totaling 40.53 million manat in January-March. Around 2.7 million manat were allocated to implement two projects in processing of agricultural products and 577 projects worth 38.115 million manat in the field of agricultural production.
During the reporting period, the fund delivered 586 small loans (96.7 percent of total number of loans) worth 7.27 million manat (8.9 percent of the total portfolio of delivered loans). Some 20 big loans (3.3 percent) worth 74.07 million manat (91.1 percent) were delivered during this period.
In 2013, the fund plans to deliver loans worth 250 million manat, of which 100 million manat will be ensured through the repayment of loans, and the remaining 150 million manat - at the expense of the state budget.
The National Fund for Entrepreneurship Support was established in 1992. The loans are delivered to entrepreneurs through authorized banks and non-bank credit organizations. Their total number is 43.
The official exchange rate is 0,7845 AZN/USD on May 2.