National Fund for Entrepreneurship Support funds a project without new jobs

Tural Ibadli
Author

Baku. 20 July. REPORT.AZ/ In the first half of 2017, the National Fund for Entrepreneurship Support under the Ministry of Economy (NFES) has allocated preferential loans totaling 63.3 million AZN for funding 690 projects.

Report informs citing the Fund's financial statement, these projects envisage creation of 2.328 new jobs.

In addition, NFES provided financial support about 0.6 million AZN for 2 projects on agricultural products processing (60 new jobs), also about 2.5 million AZN for 2 projects on tourism development (128 new jobs). The Fund has lent 0.6 million AZN for one project on development of services (infrastructure) projects. However, as a result of this project, no new jobs will be created.

83.6% or 52.9 mln. AZN of loans provided by NFES accounted for large-scale loans, 5.4% or 3.4 mln. AZN for medium-sized loans, 11% or 6.9 mln AZN for small loans. 

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