TODAY.AZ / Business

National Fund for Entrepreneurship Development credit conditions to be facilitated

20 July 2006 [09:23] - TODAY.AZ
Management of Economic Development Ministry and Azerbaijani National Fund for Entrepreneurship Development (ANFED) met with the authorized credit institutions of the Fund.

At the meeting the minister Heydar Babayev said that economic reforms yield its fruits, Azerbaijan is the main participant of transnational projects in the region, economic indicators are going up and the welfare of the population are improving rapidly.

He said that increase rate of GDP was 36.6% in the first half of the year and incomes of the population rose by 20% in this period.

Credit institutions allocated AZN 1.6bn to the economy of the country in the first half which represents an increase of 40% as against last year's first half.

Long-term credits constituted 45% of the credit portfolio.

ANFED allocated preferential credits of AZN 43 mn to 948 entrepreneurs in 57 regions. This projects envisages opening about 9 000 jobs.

But the conditions and rules of these credits will further be improved and the process will be more transparent.

Microfinancing credits will be raised from $1000 to 10 000 and other big credits will be raised from $1mn to 3mn.

Mr. Babayev also said that there are a number of problems on allowance of preferential credits.

"The principal aim of today meeting is to discuss these problems in details and to determine prospects of our cooperation."

ANFED acting director Elchin Zeynalov gave information on works done on allowance of preferential credits to the entrepreneurs.

Views were exchanged on properties offered as securities, expansion of branch network of the authorized credit institutions, improvement of services for entrepreneurs and other issues at the meeting.

Representatives of authorized credit institutions gave information about problems they face in allowing preferential credits and aired opinion of the solution to the problems. They insisted that awareness of the entrepreneurs should be increased about the preferential credits, APA reports.

URL: http://www.today.az/news/business/28309.html

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