NFES allocates funds to agrobusiness
By Sara Israfilbayova
The National Fund for Entrepreneurship Support (NFES) under the Economy Ministry of Azerbaijan in the first half of 2017 allocated almost 60 percent (37.9 million manats-$ 22.3 million) of concessional loans to businessmen operating in the production of agricultural products for implementation of 664 projects.
It is followed by the sphere of production and processing of various industrial products. The fund allocated to this sphere 34.4 percent of concessional loans or 21.7 million manats ($12.7 million), which were directed for the implementation of 21 projects, according to the Fund’s report.
For two projects in tourism, the NFES allocated concessional loans in the amount of 2.45 million manats ($1.4 million).
During this period, the NFES provided mainly large loans. They account for 83.6 percent of all issued loans. Then come small (11 percent) and medium loans (5.4 percent).
During the first half of the year, the NFES contributed to the creation of 2,300 new jobs.
About 150 million manats ($88.1 million) will be issued for granting preferential loans to entrepreneurs in 2017.
The Fund, created in 1992, issues loans to entrepreneurs through authorized banks and non-bank lenders.
The main goal of the Fund is to provide preferential loans from the state budget for small and medium business, in order to develop entrepreneurship in the Republic of Azerbaijan.
Allocation of funds by NFES is aimed at the mitigating of the impact of global economic crisis to the national economy and minimization of its dependence on the oil sector.
---
Follow us on Twitter @AzerNewsAz