Azerbaijan, Baku, Aug. 17 / Trend N.Ismayilova /
The National Fund for Entrepreneurship Support (NFES) under the Azerbaijani Economic Development Ministry carried out more than 100 monitoring on expenditure of previously issued major and large credit, NFES Executive Director Shirzad Abdullayev said.
"The Foundation conducts regular monitoring of spending of loans. Large and major projects are checked twice a month by the fund's members, they discuss the dynamics of projects and challenges with entrepreneurs. The fund also monitors small projects," Abdullayev said.
He said the monitoring revealed the funds are mainly spent on their destination.
"If, the fund ensured the return of some 12 million manat that was spent for other purposes to the state budget in 2008 and 2009, today such violations are not observed. Businesses have become more responsible and concerned," he said.
In 2011, the NFES issued 1,102 loans amounting to 92.1 million manat. The loans covered 57 major projects, while 77.4 million based on the introduction of new technologies and 1,045 small projects in the amount of 14.7 million manat.