NFES chooses proposals to develop intensive gardening

NFES chooses proposals to develop intensive gardening

Azerbaijan, Baku, Nov. 10 / Trend N.Ismayilova /

The Azerbaijani Economic Development Ministry's National Fund for Entrepreneurship Support has selected seven winners from 12 entrepreneurial proposals to finance intensive gardening investment projects, Executive Director Shirzad Abdullayev told Trend today.

The NFE selected seven projects amounting to 4.5 million manat. The fund will allocate concessional loans worth 2.2 million manat to finance these initiatives.

Three project sites are located in Guba-Khachmaz, two in Aran an, one in Absheron and one in Lankaran.

Abdullayev said the projects will contribute to planting apple trees on four acres, vines on 50 acres, pomegranates on 26 hectares, olives on 200 acres, apricots on four acres, and cherry-plum trees on one hectare. They will also facilitate the production of 50 tons of apples, 2,000 tons of grapes, 167.4 tons of pomegranates, 2,000 tons of olives, 36.4 tons of apricots and 5.2 tons of cherry-plum trees.

Projects were accepted from all of the country's economic regions (excluding Baku) within the contest. According to the fund, at least 40 percent of the investment project's value has to be financed by a business entity, and the rest by a preferential loan from the fund. The Azerbaijan Investment Company or its subsidiaries can also act in financing the project as a shareholder.

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