Azerbaijan, Baku, Oct.5 / Trend, A.Akhundov /
Competition Commission of The National Fund for Entrepreneurship Support (NFES) under the Ministry of Economic Development of Azerbaijan has chosen four of the eight proposals of entrepreneurs to finance investment projects in small and medium sized enterprises for fruit processing, or reconstruction in order to introduce modern technologies, the Fund's Executive Director Shirzad Abdullayev said.
According to Abdullaev, proposals were received from companies "Aladdin Fermer" from the Salyan region with the participation of Mugan Bank (project cost is estimated at 1,892,100 manat, funding worth 1,12 million manat is needed), LTD "Rural farming "Emin Nasiroglu" from the Beylagan region (project cost - 1,752,167 manat, preferential loan worth 1.05 million manat is required). The cost of the project of "Emil I" from the Goychay region is estimated at 1,704 million manat, favorable loan worth 1,020,700 manat is needed, Ltd. Agromasiya from the Guba-Khachmaz economic region - 1,255,105 manat (loan worth 750,000 AZN), Ltd. "Saf" from the Guba region - 1,35 million manat (750,000 manat), Ltd. "Dagchichyayi" from the Sheki- Zagatala economic region - 258.617 manat (AZN 120 000), JSC "Moshu" from Ganja-Gazakh economic area - 279,272 manat (160,000 manat). Proposal was also received from physical entity Ilgar Mahmudov from the Khachmaz region, the project cost is estimated at 531,002 manat, funding worth 240,000 manat is needed.
The total cost of the proposed projects hits 9,000,000 at the credit needs for 5.2 million manat in total.
According to Abdullaev, the Fund decided to finance "Aladdin Fermer", "ACRIM ASIA" and "Saf" companies' investment projects.
The total need of these projects for investment hits to 4.9 million manat.
The Fund will allocate favorable loan worth 2.8 million manat for implementation of these projects.
As a result of implementation of these projects it will be possible to produce 1,000 tons of dried fruits, 1,200 tons of preserves, 4,000 tons of jam and 2,400 tons of apple concentrate.
Within the announced contest the projects were received on all economic regions of the country (except Baku). According to the Fund rules, at least 40 percent of the cost of the investment project should be financed by the entrepreneur, and the rest at the expense of the Fund's favorable loan. Azerbaijan Investment Company (AIC) or its subsidiaries can also act as shareholder in funding the project.
Official exchange rate is 0.8024 manat to $1 Oct.5.