Azerbaijani business spent 55% of concessional financing for 2014

Photo: Azerbaijani business spent 55% of concessional financing for 2014 / Economy news

Baku, Azerbaijan, July 25
By Zulfiyya Gurbanova - Trend:

The National Fund for Entrepreneurship Support (NFES) under the Ministry of Economy and Industry of Azerbaijan has allocated a loan in the amount of 14.3 million AZN on favorable terms to the 22 business entities of Baku`s Sabunchu district, the ministry reported.

It is planned to open about 140 new jobs opportunities through implementation of this projects for these funds.

Loans will be focused mainly on the development of animal husbandry, construction of logistics center, production of furniture, shoes, plastic windows and doors, etc.

A business forum dedicated to granting concessional loans to entrepreneurs was held in Mashtaga settlement of Sabunchu district with the participation of about 80 entrepreneurs.

The presentation of samples of investment projects was held within the framework of the event on the creation of specialized "green market", logistics center, meat cutting enterprise that are considered priorities in the implementation of the economic potential of the region.

As the NFES Executive Director, Shirzad Abdullayev said at the event since the beginning of the year the fund allocated concessional loans to 2,942 entrepreneurs in the amount of 153.9 million AZN. The implementation of these projects contributes to the opening of more than 6,600 new job opportunities. Today, totally the loan in the amount of 189.9 million AZN was allocated for financing of 851 investment projects of enterprises under government programs for socio-economic development of Baku and its settlements which will create over 6,000 new job opportunities.

In 2014, the national fund plans to issue loans worth 280 million AZN, some 150 million AZN of which will be provided at the expense of repayment, and the remaining 130 million AZN - at the expense of the state budget.

NFES was established in 1992. The issuance of loans to entrepreneurs is implemented through authorized banks and non-bank credit organizations, whose total number is 45.

The official exchange rate on July 25 is 0.7842 AZN/USD.

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