Azernews.Az

By Sara Israfilbayova

To date, the National Fund for Entrepreneurship Support (NFES) under the Economy Ministry of Azerbaijan allocated 99.6 million manats ($58.5 million) for the implementation of 2,215 projects to the Sheki-Zagatala economic region.

Executive Director of the Fund made the remarks during a business meeting with entrepreneurs in the Oguz district on July 20.

In the framework of the forum entrepreneurs of the Oguz district received preferential loans in the amount of 515,000 manats ($302,700). These funds will be directed to the development of animal husbandry, tobacco cultivation, horticulture and other areas.

Abdullayev stressed that the government supports the development of tobacco cultivation, which is a traditional sphere for this economic region. He added that to date, nearly 120 entrepreneurs received 2.4 million manats ($1.4 million) for the development of tobacco cultivation.

About 150 million manats ($88 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 mitigating the impact of global economic crisis to the national economy and minimization of its dependence on the oil sector. The country takes steps in its bid to diversify the national economy and provide for the development of entrepreneurship in the country.

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