Azerbaijan will increase focus on the development of non-oil sector and regions

Azerbaijan will increase focus on the development of non-oil sector and regions
# 28 November 2008 09:04 (UTC +04:00)
Baku. Nijat Mustafayev - APA-Economics. With a view to developing the economy of the country in 2009, Azerbaijan will be carrying out a number of activities, said Shahin Mustafayev, Minister of Economic Development.
According to the minister, the focus will primarily be on the development of non-oil sector of the country.
“In addition, socio-economic development of regions will also be on focus. Given that AZN 2 billion was channeled into regional development, the amount of investment is expected to increase to AZN 2.3 billion next year,” he added.
Mustafayev also noted that AZN 3 billion will be allocated for the development of the country’s infrastructure (improvement of roads, supply of gas, water, etc.) in 2009.
”Priority will be given to communications and information technologies. There is a 25% year-on-year growth in this sector every year. We expect even higher growth for next year,” he noted.
He also added that AZN 120 million will be earmarked for the National Fund for Entrepreneurship Assistance given that the figure was AZN 80 million in 2008.
The government-funded low-interest loans are distributed through 29 commercial banks, 1 non-bank lending institution and 4 credit unions.
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