NFES provides privleged financing for projects
By Nigar Abbasova
Azerbaijan’s National Fund for Entrepreneurship Support (NFES) has allocated approximately 101 million manats ($ 61.6 million) on easy terms since early 2016.
NFES CEO Shirzad Abdullayev, addressing the forum dedicated to the issue of easy credits to businessmen of Zagatala region, mentioned that the financial means are expected to give a stimulus for the creation of more than 5,300 new jobs in the country.
The Fund has already allocated some 97 million manats ($ 59.1 million) to entrepreneurs of Sheki-Zagatala economic region. The funds will be used for financing approximately 2,100 investment projects.
Some 53 entrepreneurs got easy credits worth 472,000 manats ($ 287,000), which were issued by the relevant credit organizations. The funds are expected to be spent for the development of livestock sector, bee-farming, tobacco cultivation, and manufacture of building materials.
The amount of funds to be allocated by the NFES is expected to reach the level of 250 million manats ($46.4 million) in 2016, while some 70 million manats ($42.7 million) of the sum will be provided by means of budgetary funds.
Allocation of funds 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 an effort to diversify the national economy and provide for the development of the agricultural sphere.
The National Fund for Entrepreneurship Support was established in 1992. Loans are allocated to entrepreneurs through 59 authorized banks and non-bank lenders.
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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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