Azerbaijan to up funding of business and mortgage in 2013

The increase in state funding of the National Fund for Entrepreneurship Support (NFES) under the Ministry of Economic Development of Azerbaijan and the Azerbaijan Mortgage Fund (AMF) under the Central Bank will contribute to the implementation of a number of new projects in the country, chairman of the Accounting Chamber of Azerbaijan Heydar Asadov said during the discussion of draft state budget for 2013 and the next 3 years on Tuesday.

"Some 150 million manat from the state budget will be invested in NFES. Given that the funds accumulated in the Fund in a revolving manner for the past few years, we can say that the size of the loan portfolio of the fund will reach 920 million manat in 2013. It will allow to finance a number of projects," Asadov said.

The funding of AMF from the state budget will be doubled in the future

"The portfolio of the fund will exceed 400 million manat in 2013 due to the allocated 40 million manat and mortgage bonds placed by the AMF, which will help to finance new projects," Asadov said.


/Trend/