57 favorable loans allotted to entrepreneurs of Ganja-Gazakh economic region of Azerbaijan

57 favorable loans allotted to entrepreneurs of Ganja-Gazakh economic region of Azerbaijan

Azerbaijan, Baku, Feb. 25 / Trend /

The National Fund for Entrepreneurship Support (NFES) under the Economic Development Ministry of Azerbaijan, issued to entrepreneurs operating in Ganja-Gazakh economic region, 57 favorable loans totaling approximately 800,000 manat through the authorized credit organizations, the ministry said.

The distribution of loans among the entrepreneurs from Shamkir, Samukh, Goygol, Gazakh, Tovuz, Agstafa, Barda, Agdam, Agjabedi and Beylagan regions held within the program on state support to entrepreneurship in the regions. The event took place in Shamkir with the participation of 400 entrepreneurs from Ganja-Gazakh economic region.

It is planned to create more than 110 new jobs on the basis of these loans.

Participants in the event also learned about the construction progress of modern refrigeration warehouse complex, which is carried out by OJSC MEQAS and the activities of the producer of vegetable production - OJSC AZAQRO. These projects are carried out at the NFES loans.

NFES was established in 1992. Loans are allotted to entrepreneurs through authorized banks and non-bank credit organizations, whose overall number is 36. In 2009, NFES issued more than 2,100 loans through authorized credit organizations, totaling 130 million manat. Thus, in 2009 compared to 2008, the number of entrepreneurs who have received preferential loans from the funds NFES has increased by 2.6 times and the volume of loans - 48 percent.

The Fund plans to provide favorable loans in the amount of at least 115 million manat in 2010.

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