Azerbaijani business spends nearly 90% of concessional financing for 2014
Baku, Azerbaijan, Nov.6
By Azad Hasanli - Trend:
Businesses in Neftchala district and surrounding area have received preferential loans worth 794, 600 AZN.
The official exchange rate of November 6 is 0.7844 AZN / USD.
The funds granted to 59 business entities were issued by the National Fund for Enterprise Support (NFES) under the Ministry of Economy and Industry of Azerbaijan, the ministry said Nov.6.
It is planned to open more than 80 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 Shamkir district with participation of about 200 entrepreneurs.
The presentation featured samples of investment projects on construction of family farm dairy farms on 50 head of cattle, modern greenhouses, pomegranate and date plums orchards of an intensive type, potato farms, which are considered priorities in the implementation of the economic potential of the region.
Preferential loans worth 160,2 million AZN were issued by the fund to 4,720 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 22,000 new workplaces.
Since the beginning of 2014, some 261 million AZN of credits have been allocated on the financing of 4,785 investment projects of business entities operating throughout the country, which will make it possible to open more than 10,500 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.