Azerbaijani entrepreneurs' access to privileged loans to expand
Azerbaijan, Baku, Feb.3. / Trend N. Ismayilova /
The National Fund for Entrepreneurship Support (NFES) under the Azerbaijani Ministry of Economic Development is planning to allocate privileged loans worth 115 million manat in 2010, fund CEO Shirzad Abdullayev said
"We are planning to allocate 115 million manat, however entrepreneurs which will present the approved projects to the NFES can be financed through the obtained funds," Abdullayev said
According to Abdullayev, a total of 44 million manat will be allocated from the public budget and 71 million from interest payments and repaid funds on previously issued loans
"The Ministry is continuing negotiations with the international financial institutions which expressed desire and readiness to allocate funds to the NFES," Abdullayev added
According to Abdullayev, the NFES will receive the first tranche from the public budget in the upcoming days and begin financing the investment projects next week.
"The entrepreneurs started presenting investment projects, and in the coming days we will begin funding the projects approved by the NFES," Abdullayev said. "The fund is also planning to hold meetings with entrepreneurs which will be provided with privileged loans in Barda, Shamkir, Shemakha and Beylagan in February and March."
According to Abdullayev, the development of agriculture, light and food industry will be the priority directions for financing by the NFES in 2010
The Fund allocated 2,100 loans worth 130 million manat through the authorized lending organizations in 2009. Thus, in 2010, the number of entrepreneurs who received privileged loans through the NFES increased 2.6 times and the amount of credit by 48 percent