Preferential loans allocated for development of Baku townships exceed $187 mln

Photo: Preferential loans allocated for development of Baku townships exceed $187 mln  
 / Business News

Baku, Azerbaijan, Dec.2

By Emin Aliyev - Trend:

On Nov. 29 the National Fund for Entrepreneurship Support of Azerbaijani Economy Ministry allocated a 591,000 manats ($753,442) preferential loan for 17 business entities in Binagadi district of the Azerbaijani capital of Baku, according to the ministry's message.

Realisation of the business entities' projects with these funds will create 90 jobs, according to the message.

These loans will be directed mainly at development of the district's priority areas, in particular, production of bread, plastic windows and doors, animal breeding and others.

An event, titled 'State support for development of entrepreneurship' was held in the Balajary settlement of Baku's Binagadi district.

The fund's Executive Director, Shirzad Abdullayev speaking at the event said that some 146.8 million manats ($187 million) were allocated in 2011-2013 for funding of 644 investment projects in Baku, its villages and townships as part of the state program on socio-economic development of the capital city and its settlements.

Realisation of these projects will contribute to the creation of over 5,100 new jobs. The fund's plans for 2013 include granting of loans worth 250 million manats ($318 million). Some 100 million manats ($127 million) of these loans will be provided by the repayment of debts and the remaining 150 million manats ($191 million) by using state budget funds.

The National Fund for Entrepreneurship Support was established in 1992. Issuance of loans to entrepreneurs is conducted through authorized banks and non-bank credit organizations.

The official exchange rate for Dec .2 is 0.7844 AZN/USD.

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