NFES accepts investment projects on Bilasuvar region's development
By Rashid Shirinov
The National Fund for Entrepreneurship Support (NFES) under the Azerbaijani Ministry of Economy has started receiving investment projects on the priority areas of development for Azerbaijan’s Bilasuvar region.
Following a business forum held in the Agalikend village of Bilasuvar region last week, the Fund decided to receive entrepreneurs’ proposals on financing a number of investment projects. These projects stipulate creation of major grain-growing and modern cattle-breeding complexes, farms for intensive horticulture, greenhouses, as well as a three star hotel, the Economy Ministry reported.
Entrepreneurs may already apply to the Fund through authorized credit organizations in accordance with the rules of use of the National Fund’s means. Small projects can be fully financed at the cost of concessional loans at the request of entrepreneurs.
In general, agriculture is the basic component of Bilasuvar region’s economy. The region benefits from widely developed agriculture, livestock and poultry industries. Cotton industry also has good prospects in the region.
The region has many plants, including cannery, dairy plant, as well as furniture and concrete factories.
The National Fund for Entrepreneurship Support was established in 1992. Loans are allocated to entrepreneurs through 59 authorized banks and non-bank lenders.
For the first nine months of 2016, the Fund allocated soft loans in the amount of 120.6 million manats ($74.9 million). A sum of 250 million manats ($155 million) is designed to be granted until the end of 2016.
A total of 84 percent of the already provided loans were directed to the development of the agricultural sector, while the remaining 16 percent were aimed at industrial development and other areas. More than two thirds of the soft loans were issued in the regions of the country.
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Rashid Shirinov is AzerNews’ staff journalist, follow him on Twitter: @RashidShirinov
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