Azerbaijan lends AZN 73 million to 698 businesses

Azerbaijan lends AZN 73 million to 698 businesses
# 15 October 2008 10:01 (UTC +04:00)
Baku. Rashad Suleymanov – APA-Economics. Azerbaijan National Fund for Entrepreneurship Assistance has allocated AZN 63.8 million out of a quote of AZN 80 million for 2008 for preferential loans to entrepreneurs.
Besides, AZN 9.2 million that was repaid to the Fund was also lent to businesses.
During January-September, AZN 73 million were distributed in total to 698 entrepreneurs in 52 towns and cities.
Preferential loans went to 119 projects in manufacturing, 495 projects in agricultural production, processing and farming development, 33 projects in tourism infrastructure, 50 projects in service sector and so on. 85.5% of the projects prioritizes production or processing.
The successful implementation of these projects is expected to lead to the creation o more than 7 800 new jobs.
The low-interest loans are distributed through 29 commercial banks, 1 non-bank lending institution and 4 credit unions.

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