Azerbaijan expanding support to sugar beet producers

Business Materials 6 March 2018 14:32 (UTC +04:00)

Baku, Azerbaijan, March 6

By Ilkin Shafiyev – Trend:

The National Fund for Entrepreneurship Support (NFES) of Azerbaijan plans to expand support to producers of sugar beet, the Fund’s Executive Director Shirzad Abdullayev said on March 6.

Overall, a 7 million manats loan will be issued, he said, adding that the annual interest rate on them will be 3 percent. A corresponding protocol of intent will be signed by the NFES, the Union of Sugar Producers of Azerbaijan and the Azerbaijan Industrial Bank in Baku on March 15.

"Under the document, more than 1,400 small farms producing sugar beet on a territory of 7,000 hectares will get preferential loans," Abdullayev said.

The NFES was established in 1992.

(1.7001 manats = $1 on March 6)