NFES issues loans worth $89M
By Rashid Shirinov
Azerbaijan’s National Fund for Entrepreneurship Support (NFES) has allocated preferential loans in the amount of 157 million manats ($89 million) for entrepreneurs since early 2016.
The funds will ensure the realization of approximately 2,400 projects.
This was said by NFES CEO Shirzad Abdullayev on December 9 at the business forum in Madrasa village of Shamakhi region. He noted that reaolization of these projects will allow to open about 7,700 new jobs.
Abdullayev said that businessmen of Mountain Shirvan economic region have received a total of 67.7 million manats ($38.4 million) of soft loans. These funds were allocated for the implementation of more than 1,850 projects.
In the framework of the business forum, 30 entrepreneurs received preferential loans of 262,000 manats ($148,500). These funds will be directed on the development of animal husbandry, horticulture, beekeeping and other spheres.
NFES provided 200 million manats ($113 million) of preferential loans to businessmen in 2016. Some 70 million manats ($40 million) of the loans were be granted at the expense of budgetary funds.
Allocation of these soft loans is directed at countering the effect of the global economic crisis to the Azerbaijani economy and minimization of the country’s dependence on the oil sector by improving other industries throughout Azerbaijan. The country takes steps to diversify the national economy and provide for the development of the agricultural and other spheres.
Currently, Azerbaijan ranks 63 out of 189 countries in the World Bank’s ease of doing business index, and work to improve this index even more is being implemented.
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Rashid Shirinov is AzerNews’ staff journalist, follow him on Twitter: @RashidShirinov
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