AZN 90.1mln preferential loan lent to 1,771 enterprises

Economic Development Ministry told that AZN 74mln will be on-lending to enterprises through National Fund for Assistance to Enterprise Development and AZN 6mln to development of enterprises in Nakhchivan AR.

Through NFAED a total of AZN 90.1mln preferential loan was lent to 1,771 enterprises in 59 cities and regions in 2006. The loans were targeted to finance projects in industrial production, rural development, tourism, services etc.

86% of the projects were in regions, of which 87% were production and processing oriented. Over 17,000 jobs were reportedly created through implementation of project funded by preferential loans.

Presidential decree dated December 28, 2006 improved and simplified the lending machinery.

The amount of a loan to an enterprise by NFAED increased to AZN 3mln from AZN 1mln.

The NFAED Observation Council is entitled to prolong loan period depending on the purpose of lending, APA reports.