Azerbaijani business masters over 78 percent of concessional financing

Photo: Azerbaijani business masters over 78 percent of concessional financing / Business News

Azerbaijan, Baku, Sept. 7 / Trend A.Hasanov /

Loans at 5.3 million manat were granted to 47 entrepreneurs of Sabirabad city and neighbouring regions through the National Fund for Entrepreneurship Support (NFES) under the Ministry of Economic Development (MED) of Azerbaijan on Friday, the ministry said.

Implementation of the projects through these funds will contribute to the creation of over 250 new jobs.

The event was held in the Mursali village of Sabirabad region with the participation of about 120 entrepreneurs working in Sabirabad and neighbouring regions.

The event included presentations of model investment projects in priority areas identified for improving the economic potential of the Sabirabad region through concessional financing. This is the creation of modern milk processing enterprises, plants for processing of fruits and vegetables, livestock facilities, small and medium enterprises to grow cotton and horticultural farms.

Since the beginning of 2012 NFES granted soft loans at 157 million manat to finance 1785 investment projects. The total amount of loans allocated for Aran economic region is 51 million manat for 769 investment projects

Implementation of these projects will create about 6,900 new jobs.

In 2012, the Fund plans to grant loans at 200 million manat, of which 110 million manat will be provided through the repayment of loans.

NFES was established in 1992. Issuance of loans to entrepreneurs is made through authorized banks and non-bank credit organizations, whose total number is 36.

The official exchange rate is 0.7852 AZN to $1 on Sept. 7.

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