Azerbaijan, Baku, Oct. 5 / Trend A.Akhundov /
The National Fund for Entrepreneurship Support (NFES) under the Azerbaijani Economic Development Ministry has announced selection of investment projects by entrepreneurs to finance the creation of bread making enterprises or reconstruction of existing enterprises in order to introduce modern technology.
First, entrepreneurs must apply to the authorized credit organizations of the NFES and after receiving a positive decision on funding to submit the projects to the National Fund until Nov. 8, 2010.
The NFES accepts projects from all economic regions of the country (excluding Baku) within the framework of the contest. Based on the fund's rules, at least 40 percent of the value of the investment project should be financed by a business entity, and the rest - through the fund's preferential loan. The Azerbaijani Investment Company (AIC) or its subsidiaries may also participate in the funding of the project as a shareholder.
The packages of investment proposals will be unsealed on Nov.10. The NFES will announce the results on Nov.24.
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The official exchange rate is 0.8024 manat to $1 Oct. 5.
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