Azerbaijani spends more than 66% of concessional financing for 2014

Photo: Azerbaijani spends more than 66% of concessional financing for 2014 / Economy news

Baku, Azerbaijan, Aug.29

By Zulfiyya Kurbanova - Trend:

Businesses in Ganja and surrounding area have received preferential loans worth more than 1.5 million AZN.

The funds granted to 70 business entities were issued by the National Fund for Enterprise Support (NFES) under the Ministry of Economy and Industry of Azerbaijan, the ministry stated Aug. 29.

It is planned to open nearly 150 new jobs at the expense of these funds through the implementation of projects.

A business forum dedicated to granting of preferential loans to entrepreneurs was held in Ganja with participation of about 100 entrepreneurs.

The presentation featured samples of investment projects on construction of a specialized "green store", logistics center, the greenhouse complex and small enterprises for the production of windows and doors which are considered priorities in the implementation of the economic potential of the region.

At present, some 156.2 million AZN of credits have been allocated on the financing of 4,362 investment projects of business entities operating in Ganja and Gazakh economic region, which will make it possible to open more than 21,000 new workplaces. In addition, preferential loans totaling 29.2 million AZN were issued to 429 entrepreneurs from Ganja, which made it possible to open nearly 4,000 workplaces.

It was noted at the event that preferential loans worth 186 million AZN were issued by the fund to 3,547 entrepreneurs throughout the country since the beginning of the year. These projects will contribute to the opening of more than 8,000 new workplaces.

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

NFES was established in 1992. Issuance of loans to entrepreneurs is implemented through authorized banks and non-bank credit organizations. There are 45 of them in total.

The official exchange rate of August 29 is 0.7844 AZN / USD.

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