Azerbaijani business spends nearly 88% of concessional financing for 2014
Baku, Azerbaijan, Oct.23
By Maksim Tsurkov - Trend:
Some 34 businesses of townships in Baku have received preferential loans worth 1.8 million AZN.
The official exchange rate of October 23 is 0.7843 AZN / USD.
The funds were issued by the National Fund for Enterprise Support (NFES) under the Ministry of Economy and Industry of Azerbaijan, the ministry said Oct. 23.
It is planned to open more than 70 new jobs at the expense of these funds through the implementation of projects.
A business forum dedicated to granting of preferential loans to entrepreneurs was held in Rasulzadeh township of Binagadi district with participation of about 100 entrepreneurs.
The presentation featured samples of investment projects on construction of a specialized "green store", enterprises for the production of bread, cutting and processing of meat and plastic windows and doors, sewing workshop, small and medium-sized greenhouses, which are considered priorities in the implementation of the economic potential of the region.
Preferential loans worth 245.8 million AZN were issued by the fund to 4545 entrepreneurs throughout the country since the beginning of the year, executive director of the National Fund Shirzad Abdullayev said. These projects will contribute to the opening of more than 4,300 new workplaces.
At present, some 202.2 million AZN of credits have been allocated on the financing of 910 investment projects of business entities operating in the townships of Baku, which will make it possible to open more than 7,000 new workplaces.
In 2014, the National Fund plans to issue loans worth 280 million AZN, of which 130 million AZN will be provided at the expense of repayment, and the remaining 150 million AZN at the expense of the state budget.
NFES was established in 1992. Issuance of loans to entrepreneurs is implemented through authorized banks and non-bank credit organizations. There are 45 of them in total.