Financing 12 proposals on establishing cold-storage facilities approved in Azerbaijan

Business Materials 31 July 2009 20:19 (UTC +04:00)

Azerbaijan, Baku, July 31 / Trend , N.Ismaylova /

The National Fund for Entrepreneurship Development (NFED) under the Ministry of Economic Development of Azerbaijan approved funding for 12 proposals within the tender to establish cold-storage facilities for storage and sale of vegetables, fruits and other food products, with a capacity of two thousand tons per each, NFED executive director Shirzad Abdullayev said on July 31.

"The approved funds will cover six projects in the Guba-Khachmaz region, four in Aran, and one project in Ganja-Gazakh and Lankaran economic regions," said Abdullayev.

Selected projects will be financed both by own funds of entrepreneurs and preferential loans of the National Fund (a decision was made to finance up to 70 percent of the cost of investment projects through public funds) and even possible involvement of the Azerbaijan Investment Company or its subsidiaries.

"The total cost of approved projects amounts to more than 40 million manat, and the Fund has decided to fund up to 24 million manat of the total cost of these projects," said Abdullayev.

The rate on July 31 is 0.8043 AZN/USD. 

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