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Minister: No need for grain warehouses in Azerbaijan

Business Materials 13 October 2010 19:42 (UTC +04:00)

Azerbaijan, Baku, Oct. 13 /Trend, M.Aliev, N.Ismayilova/

As a result of eight months of this year, 99.8 percent of projects funded by the National Fund for Entrepreneurship Support (NFES) under the Ministry of Economic Development of Azerbaijan accounted for regions of the country, the Minister of Economic Development Shahin Mustafayev said on Wednesday during discussions of the draft 2011 Public budget at the plenary session of the Parliament of Azerbaijan.

"A similar tendency was observed in previous years. The economic potential of country's each region is deeply studied, priority areas for its development is identified, and due to reserves available in the regions, through the competition, the Ministry of Economic Development funds particularly large projects," said Mustafayev.

According to the minister, during the year the NFES conducted activities for business development in all regions of the country. In addition, republic-wide needs are identified, as a result of which special programs are funded.

"Today, there is no need for grain warehouses in Azerbaijan. NFES has funded 16 projects for construction of warehouses with a total capacity of 266,000 tons, and two projects has been funded by the State Grain Fund with a capacity of 160,000 tons," said the minister.

According to him, NFES also financed the construction of 23 refrigerator-storage facilities with a total capacity of 70,000 tons, 7-8 of which are in the northern region

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