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Minister: Preferential agricultural loans increase in Azerbaijan

Business Materials 7 July 2011 16:36

Azerbaijan, Baku, July 7 /Trend, A.Akhundov/

Under the State program for development of Baku and its settlements, the Economic Development Ministry of Azerbaijan this year increased lending to investment projects, the Economic Development Minister Shahin Mustafayev told Trend.

"When lending, it is appropriate for us to support the development of the country's regions. If to consider that agriculture has mainly developed in the regions, more attention will be paid to the agricultural sector in the future. This year more loans will be allocated to the agriculture," Mustafayev said.

He said as a whole this year, the National Fund for Entrepreneurship Development (NFED) under the Ministry will issue preferential loans in amount of $125 million manat.

At the same time, 91 million manat will be provided through the repayment of earlier provided loans, and 34 million manat - from the state budget.

In 2011, NFED issued 743 loans amounting to 61.9 million manat. Loans are intended to implement 42 major projects, based on new technologies, in amount of 53.2 million manat and 701 small projects worth 8.7 million manat.

At present, the NFED allocated 16.9 million manat for the implementation of 95 investment projects in Baku and surrounding settlements, and these funds will ensure the opening of 839 new jobs.

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