Azernews.Az

By Amina Nazarli

The National Entrepreneurship Support Fund (NFES) under the Azerbaijani Economy Ministry has issued concessional loans worth 13.8 million manats ($7.8 million) since early 2017, aiming to ensure the implementation of about 70 projects.

Deputy Executive Director of the Fund Arif Valimmadov said about this during a business meeting in Gakh on March 10.

The implementation of these projects will open up 200 new workplaces. In total, Valimammadov noted that businessmen of Shaki-Zagatala economic region received preferential loans for 98.3 million manat ($55.7 million). These funds were used to implement about 2.100 projects.

Within the framework of the business forum, local entrepreneurs received preferential loans for 224,000 manat ($127,000). These funds will be directed to the development of livestock, horticulture, beekeeping, grain growing and other spheres.

As many as 150 million manats will be issued for granting preferential loans to entrepreneurs in 2017.

The National Fund for Entrepreneurship Support was established in 1992. Loans are allocated to entrepreneurs through authorized banks and non-bank lenders.

Allocation of funds by NFES is aimed at the mitigating of 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.

Azerbaijan currently ranks 63 out of 189 countries in the World Bank’s ease of doing business index.

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Amina Nazarli is AzerNews’ staff journalist, follow her on Twitter: @amina_nazarli

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