Today.Az » Business » Over half of concessional financing directed to agriculture
18 July 2012 [18:08] - Today.Az
The National Fund for Entrepreneurship Support (NFES) under the Economic Development Ministry of Azerbaijan funded 1,235 projects worth 109.98 million manat in the first half of 2012, the Fund's balance sheet published by official press on Wednesday says.
According to the report, implementation of these projects through NFES preferential loans will facilitate to establishment of 4,561 new jobs.
In January-June 2012 NFES funded 74 projects in various spheres of industrial production and processing totaling 23.29 million manat. Some 12.5 million manat was allocated in the sphere of processing of agricultural products on 8 projects, 59.53 million manat on 1141 projects in agricultural production and 13.44 million manat on 12 projects in the development of services.
NFES has allocated 1188 small loans (96.2 percent of the total number of loans) worth 14.5 million manat (13.2 percent of the total portfolio of loans). During the report period, 12 medium loans (1 percent) amounting to 2.4 million manat (2.2 percent) were issued, 35 major loans (2.8 percent) amounting to 93 million manat (84.6 percent).
In 2012, the Fund plans to issue loans worth 200 million manat, 110 million manat of which will be provided through the repayment of loans.
NFES was established in 1992. Loans are allotted to entrepreneurs through authorized banks and non-bank credit organizations, whose overall number is 38.