NFES to receive investment proposals for Gusar
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 Gusar region.
The Fund will accept entrepreneurs' proposals for financing investment projects on horticulture, potato farming, livestock and beekeeping farms, as well as for fruit processing plants, packaging production and a three-star hotel.
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 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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