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Entries announced for investment projects on construction of hotel in Khizi

2 August 2016 19:11 (UTC+04:00)
Entries announced for investment projects on construction of hotel in Khizi

By Rashid Shirinov

The National Fund for Entrepreneurship Support (NFES) under the Azerbaijan Ministry of Economy has begun receiving investment projects from entrepreneurs on priority-development areas of Khizi region.

The region on July 21 hosted a business forum dedicated to granting loans for entrepreneurs. During the event, discussions on efficient use of existing economic potential of Khizi region were held with entrepreneurs.

In addition, they considered as appropriate receiving proposals from business entities for financing investment projects on creation of specialized ‘green market’, large farms and greenhouses, and intensive horticulture sectors. Moreover, entries have been announced for investment projects on creation of a three-star hotel and enterprises for manufacture of confectionery products in Khizi region.

In accordance with the rules of use of national funds, businesses can apply to the Fund through authorized credit organizations. Small projects can be fully financed through preferential loans at the request of entrepreneurs.

The National Fund for Entrepreneurship Support was established in 1992. Currently, it allocates loans to entrepreneurs through 59 authorized banks and non-bank lenders.

Since early 2016, the NFES has allocated over 57.3 million manats ($ 35.7 million) on easy terms, while about 1,100 entrepreneurs made use of means allocated by the fund.

Allocation of funds is aimed at mitigating the impact of global economic crisis to the national economy and minimizing its dependence on the oil sector. The country takes steps in an effort to diversify the national economy and provide for the development of the agricultural sphere.

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Rashid Shirinov is AzerNews’ staff journalist, follow him on Twitter: @RashidShirinov

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