Azernews.Az

By Sara Israfilbayova

Azerbaijan’s National Fund for Entrepreneurship Support (NFES) provided preferential loans worth 72 million manats ($4.3 million) since the beginning of the year.

The Economy Ministry reported that these loans were issued to more than 1,000 entrepreneurs and will help to create more than 3,000 new workplaces.

Following the business forum in Tartar region, entrepreneurs received preferential loans in the amount of 492,000 manats ($289,200). These funds will be used to develop livestock, cotton growing and increase sowing areas. The implementation of these projects will open more than 40 new workplaces.

So far, entrepreneurs of Tartar has received preferential loans amounted to 5.1 million manats ($3 million) for the implementation of 264 investment projects.

Moreover, to date more than 19,000 entrepreneurs operating in the front-line and border zones have got soft loans worth 681 million manats ($400,300).

Entrepreneurs can apply to the Fund through authorized banks and non-bank lenders, in accordance with the rules for using the funds of the NFES. 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 main goal of the Fund, which was established in 1992, 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 minimizing of the impact of global economic crisis to the national economy and mitigation of its dependence on the oil sector.

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