Azerbaijan, Baku, April 20 / Trend N.Ismayilova /
The National Fund for Entrepreneurship Support (NFES) under the Azerbaijani Economic Development Ministry financed 332 projects worth 27.46 million manat in the first quarter of 2011, the Fund's balance document published on official press says.
Implementation of these projects at the expense of NFES's favorable loans will help create 1,676 new jobs.
NFES funded 17 projects in various spheres of industrial production and processing totaling 13.7 million manat. Some 2.3 million manat was allocated in the sphere of processing of agricultural products on 4 projects, 9.05 million manat on 306 projects in agricultural production and 2.4 million manat on 5 projects in the development of services.
NFES has allocated 307 small loans (92.5 percent of the total number of loans) worth 3.75 million manat (13.7 percent of the total portfolio of loans). During the report period, 8 large loans (2.4 percent) amounting to 4.6 million manat (16.8 percent) were issued and 17 major loans (5.1 percent) amounting to 19.1 million manat (69.6 percent).
NFES was established in 1992. Loans are allotted to entrepreneurs through authorized banks and non-bank credit organizations, whose overall number is 36.
The official exchange rate is 0.7918 manat to $1 on April 20.
