Azerbaijan will allocate additional funding to fully cover country’s needs in poultry production

Business Materials 7 January 2011 14:59 (UTC +04:00)

Azerbaijan, Baku, Jan. 7 / Trend N.Ismayilova /

The National Fund for Entrepreneurship Support (NFES) under the Azerbaijani Economic Development Ministry plans to allocate about 20-30 million manat to the development of poultry farming area in 2011, NFES Executive Director Shirzad Abdullayev said.

In 2010, NFES financed 12 investment projects for poultry industry's development, the implementation of which will provide annual production of 60 million breeding eggs and 16,000 tons of poultry meat in the country, with an allocation of 22 million manat for these projects by the NFES.

At present, the country's average annual demand of pedigree eggs is 80-90 million units, while of the poultry meat is 100,000 tons.

"The implementation of the projects, funded in 2010, will allow to fully cover the needs for pedigree eggs," Abdullayev said, adding that "so far, the domestic production of eggs was 30 million units, and the rest was imported from abroad to meet demand."

Accordingly, as a result of these projects, the domestic demand for eggs will be fully covered by local production. In 2011, the country will also pay greater attention to the issue of domestic production of poultry meat, which would be possible through the creation of new enterprises or reconstruction of existing poultry farms, Abdullayev added.

Based on the rules, the NFES may allocate small loans from 10,000 to 50,000 manat for up to two years, while loans from 50,001 to 250,000 manat will be given for three years, large loans from 250,001 to one million manat for five years and even larger loans from 1 million to 5 million manat for seven years.

The NFES was established in 1992.

The official exchange rate is 0. 7977 manat as of $1 Jan. 7.