Azerbaijani entrepreneurs get favorable loans worth 0.5mln manat
Azerbaijan, Baku, Sept. 3 / Trend A.Akhundov /
More than 260 entrepreneurs working in the Sheki-Zagatala economic zone of the Oguz region have attended an event organized by the National Fund for Entrepreneurship Support (NFES) aimed at strengthening state support for entrepreneurship in the regions, the Economic Development Ministry of Azerbaijan has said.
Loans totaling approximately 500,000 manat were issued through authorized credit organizations to 33 entrepreneurs in the Oguz region and surrounding areas during the NFES event.
Some 25 new jobs will be created as a result of this money being made available.
Participants in the event learned about a number of projects funded by NFES loans including the construction of a corn processing plant for glucose production in the Oguz region carried out by the CPC company, a bread factory run by EVİAR Inc in the Ismayilli region, and the activities of İsmayıllı Qusculuq LLC.
The NFES also held a training session during which the entrepreneurs were briefed on the mechanism of issuing favorable loans, the formation of business ideas, and the preparation of and rules for investment projects.
In 2009, NFES issued more than 2,100 loans through authorized credit organizations, totaling 130 million manat. The number of entrepreneurs who have received preferential loans from the funds NFES increased by 2.6 times in 2009 compared to 2008, with the volume of loans increasing by 48 percent.
The fund named agriculture, light industry and food processing as priority areas for funding in 2010.
NFES loans are allotted to entrepreneurs through 36 authorized banks and non-bank credit organizations. The NFES was established in 1992.
[The official exchange rate on Sept. 3, 2010 was 0.8035 manat to $1].
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