Baku, Azerbaijan, April 18
By Anvar Mammadov - Trend:
Azerbaijan’s National Fund for Entrepreneurship Support (NFES) plans to expand support for cotton and tobacco producers in the country, NFES Director Executive Shirzad Abdullayev said at a press conference in Baku April 18.
He said that the NFES is in talks with Aqrarkredit, Azerbaijan’s non-banking credit organization (NBCO), regarding the issuance of loans at a reduced interest rate to cotton and tobacco producers.
“We are issuing loans at an annual interest rate of six percent, but we want to allocate loans with even lower interest rates to entrepreneurs,” said Abdullayev. “If the talks are successful, we will sign a tripartite protocol of intent.”
The NFES, the Center for Simplified Support to Family Businesses (ABAD) and Azer Turk Bank signed a similar protocol of intent on cooperation on March 6. According to the document, the NFES supports through soft loans the investment projects of small businesses that work with ABAD.
Azer Turk Bank, for its part, acts as an authorized bank through which these loans are provided to entrepreneurs. The annual interest rate on soft loans, which entrepreneurs receive, is up to 4 percent.
Besides, in March, the NFES, the Union of Sugar Producers of Azerbaijan and the Azerbaijan Industrial Bank also signed a protocol of intent on cooperation, as part of which sugar beet producers started receiving loans worth 7 million manats. The annual interest rate on the loans is three percent.
(1.7 manats = 1 USD on April 18)