Azerbaijani business masters 64 percent of concessional financing for 2012
Azerbaijan, Baku, Aug. 3 / Trend A.Hasanov /
Loans at 1.3 million manat were granted to 19 entrepreneurs engaged in activities in the suburbs of Baku at the National Fund for Entrepreneurship Support (NFES) under the Ministry of Economic Development (MED) of Azerbaijan on Friday, NFES executive director Shirzad Abdullayev told reporters on Friday.
"Implementation of the projects through these funds will contribute to the creation of over 240 new jobs," Abdullayev said.
The event was held in the Turkan village of Khazar district of Baku with the participation of about 200 entrepreneurs.
The event included presentations of model investment projects in priority areas identified for improving the economic potential of the Khazar district of Baku through concessional financing. This is the creation of the modern poultry farms, greenhouse farms, cutting meat businesses, small and medium-sized grape farms.
Since the beginning of 2012 NFES granted soft loans at 127.9 million manat to finance 1546 investment projects. Implementation of these projects will create about 6,400 new jobs.
In 2011-2012, some 332 investment projects worth 48.8 million manat were financed in Baku city and suburbs at the expense of NFES, Abdullayev said.
In 2012, the Fund plans to grant loans at 200 million manat, of which 110 million manat will be provided through the repayment of loans.
NFES was established in 1992. Issuance of loans to entrepreneurs is made through authorized banks and non-bank credit organizations, whose total number is 36.
The official exchange rate is 0.7855 AZN to $1 on August 3.