NFES to receive investment proposals on development of Sheki
By Sara Israfilbayova
The National Fund for Entrepreneurship Support (NFES) under the Economy Ministry of Azerbaijan has begun accepting investment projects on priority development areas of the Sheki region.
Following the business forum in Sheki, the NFES found it advantageous to accept entrepreneurs' proposals for financing projects on creation of large farming and horticultural farms, livestock breeding farms and tobacco growing and beekeeping, storage for dried tobacco, tobacco and milk processing enterprises and the hotel.
Entrepreneurs can submit their projects to the authorized credit institutions of the Fund. Upon the request of entrepreneurs, small projects can be fully financed through concessional loans.
About 150 million manats ($88 million) will be issued for granting preferential loans to entrepreneurs in 2017.
The Fund, created in 1992, issues loans to entrepreneurs through authorized banks and non-bank lenders.
The main goal of the Fund is to provide preferential loans from the state budget for small and medium business, in order to develop entrepreneurship in the Republic of Azerbaijan.
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.
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