Azernews.Az

By Rashid Shirinov

Azerbaijan’s National Fund for Entrepreneurship Support (NFES) provided preferential loans of 67.4 million manats ($40 million) since the beginning of the year, the Economy Ministry reported on August 4.

These loans were provided for 924 entrepreneurs to finance projects with a total value of 258 million manats ($153 million).

In general, about 150 million manats ($89 million) will be issued for granting preferential loans to entrepreneurs in Azerbaijan until the end of 2017.

The ministry also noted that entrepreneurs received preferential loans of 446,000 manats ($265,000) at the business forum held today in the Giraghli village of the Saatli region of Azerbaijan. These funds will be used for the development of animal husbandry, cotton growing and grain production. These projects will contribute to the creation of almost 50 new jobs.

In general, entrepreneurs from Saatli region received preferential loans of 24.2 million manats ($14.36 million) for the implementation of 639 investment projects.

The NFES, created in 1992, issues loans to entrepreneurs through authorized banks and non-bank lenders. During the first half of the year, the Fund contributed to the creation of 2,300 new jobs in Azerbaijan.

The main goal of NFES is to provide preferential loans from the state budget for small and medium business, in order to develop entrepreneurship in the country.

Allocation of funds by the 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.

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Rashid Shirinov is AzerNews’ staff journalist, follow him on Twitter: @RashidShirinov

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