NFES issues soft loans worth over $76M
By Rashid Shirinov
Azerbaijan’s National Fund for Entrepreneurship Support (NFES) under the Economy Ministry allocated soft loans in the amount of 122 million manats ($76 million) for entrepreneurs since the beginning of 2016. These funds were granted to a total of 1,843 businessmen.
NFES CEO Shirzad Abdullayev announced about this at the business forum in the Shabran region on October 13, the Ministry of Economy informed.
Abdullayev noted that entrepreneurs from the Guba-Khachmaz economic region of Azerbaijan received preferential loans worth 183.7 million manats ($114 million) for financing of 2,277 investment projects.
During the meeting, a total of 46 businessmen were granted preferential loans in the amount of 633,000 manats ($394,000) through authorized credit organizations.
These loans will be directed for development of animal husbandry, beekeeping, and vegetable growing, horticulture and furniture production of the region. These projects will allow to open some 90 new jobs.
The National Fund for Entrepreneurship Support was established in 1992. Loans are allocated to entrepreneurs through authorized banks and non-bank lenders.
Until the end of 2016, the Fund plans to provide 250 million manats ($155 million) of preferential loans to businessmen. Some 70 million manats ($44 million) of the loans will be granted at the expense of budgetary funds.
Allocation of these soft loans is directed at countering the effect of the global economic crisis to the Azerbaijani economy and minimization of the country’s dependence on the oil sector by improving other industries throughout Azerbaijan. The country takes steps to diversify the national economy and provide for the development of the agricultural and other spheres.
Currently, Azerbaijan ranks 63 out of 189 countries in the World Bank’s ease of doing business index, and work to improve this index even more is being implemented.
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Rashid Shirinov is AzerNews’ staff journalist, follow him on Twitter: @RashidShirinov
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