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Milk processing factory to be built in Tovuz

26 April 2017 16:00 (UTC+04:00)
Milk processing factory to be built in Tovuz

By Sara Israfilbayova

Azerbaijan’s National Fund for Entrepreneurship Support (NFES), issuing easy loans to local entrepreneurs, has defined priority areas in the Tovuz region.

The Fund reported that it considers expedient to issue funds for projects on creation of enterprises for processing milk and dried fruits, large farms, modern livestock and potato complexes, greenhouse farms and intensive viticulture farms.

Entrepreneurs of Tovuz can submit their projects to the authorized credit institutions of the Fund, reports.

About 150 million manats will be issued for granting preferential loans to entrepreneurs in 2017.

The Fund, established in 1992, issues loans 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.

Development of non-oil sector is a priority in Azerbaijan, and the support provided to small and medium-sized enterprises increases the employment of the population, contributing to the opening of new jobs.


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