National Entrepreneurship Support Fund financed over 4,400 projects
By Aynur Jafarova
An official report reveals that National Fund for Entrepreneurship Support has financed 4468 project in 2013.
The report by the National Fund affiliated with Azerbaijan's Economy and Industry Ministry said the total cost of the projects stood at 275 million manats.
The report also noted that the projects implemented - which became possible by preferential loans - will pave the way for setting up of 12,045 new working places.
It is expected that 74.3 percent of these working places will be in the agricultural production sphere.
In 2013 the National Fund for Entrepreneurship Support financed 175 projects on production and processing of various industrial goods with a total worth of 85.33 million manats. Some 32.68 million manats were allocated to the implementation of 10 projects in the field of processing of agricultural products, as well as 149.51 million manats to the implementation of 4,276 projects in agriculture sector.
The National Fund for Entrepreneurship Support also spent 4,377 small sized loans worth 52.91 million manats and 62 large sized loans worth 217.74 million manats in the reported period.
In 2013, the fund planned to invest several loans worth of 250 million manats in this field. The loans consisted of 100 million manats provided through repayment of other loans and 150 million manats gained from the state budget funds.
The National Fund for Entrepreneurship Support was established in 1992. Loans are allocated to entrepreneurs through 44 authorized banks and non-bank lenders.
The Fund plans to keep level of preferential crediting of business at current level in 2014.
Head of the fund Shirzad Abdullayev said earlier that at least 250 million manats will be used for preferential financing of entrepreneurship projects in 2014.