Azerbaijani business spent about 44% of concessional financing for 2014

Photo: Azerbaijani business spent about 44% of concessional financing for  2014 / Finance

Baku, Azerbaijan, June 27
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 753,500 AZN on favorable terms to the 29 business entities of Baku`s Khazar district, the ministry reported.

About 60 new job opportunities will be implemented through this funding.

The loans will be focused mainly on the development of animal husbandry, poultry, and vegetable production.

The business forum dedicated to granting concessional loans to entrepreneurs, was held in Mardakan settlement of Khazar 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", a modern enterprise for the production of bread, small and medium-sized greenhouses 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 2,460 entrepreneurs in the amount of 122 million AZN. The implementation of these projects contributes to the opening of more than 5,600 new job opportunities. Up to date, totally the loan in the amount of 175.5 million AZN was allocated for financing of 818 investment projects of enterprises under government programs for socio-economic development of Baku and its settlements which will create over 5,900 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 June 25 is 0.7843 AZN / USD.

Edited by CN

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