Azernews.Az

By Sara Rajabova

Two hundred sixty industrial and agricultural enterprises as well as businesses operating in the commerce and services sectors were put into operation in the regions of Azerbaijan in January-September 2013, the Economic Development Ministry told Trend news agency on October 11.

Also, currently, the construction of another 483 enterprises continues.

"As a result, the number of business entities operating in the regions of the country increased during the reporting period by 14.4 percent, while tax revenues increased by 15.6 percent," the ministry said.

The regions account for 70 percent of preferential state funding allocated to entrepreneurs as loans from the National Fund for Entrepreneurship Support (NFES) under the Economic Development Ministry.

"In the first nine months of 2013, 3,527 entrepreneurs received loans worth more than 245 million manats, which allowed creating 10,200 more jobs. The share of Baku accounted for 30 percent of the total amount of preferential financing. 60 percent of the total loans were granted to the agricultural sector, and 33 percent to the industrial and recycling sector," the ministry said.

It is planned to increase preferential financing of entrepreneurs to 275 million manats by the end of 2013, which is done through the issuance of additional credit in the amount of 30 million manats owing to the funds repaid to NFES.

NFES head Shirzad Abdullayev said that over the past period of the year 246.7 million manats in preferential loans were allocated for the financing of 3,634 investment projects of business entities throughout the country at the expense of the fund.

He said that as a result of the implementation of these projects approximately 10,450 jobs are to be created.

According to him, 305.7 million manats worth of preferential loans were allocated for the financing of 6,750 investment projects of business entities operating in the Aran economic region under NFES.

In 2013, the Fund planned to issue loans worth 250 million manats, of which 100 million manats will be provided through the repayment of loans, and the remaining 150 million manats at the expense of the state budget.

NFES said earlier that it plans to keep the level of preferential crediting of business at the current level in 2014.

The National Fund for Entrepreneurship Support was established in 1992. Loans are allocated to entrepreneurs through a total of 43 authorized banks and non-bank lenders.