Azernews.Az

By Sara Israfilbayova

The National Fund for Entrepreneurship Support (NFES) under the Economy Ministry of Azerbaijan has granted concessional loans worth 74 million manats ($43.5 million) to more than 1,100 entrepreneurs since early 2017.

The Economy Ministry reported that these loans allow to create more than 3,100 new work places.

Within the framework of a business forum held in the Zagatala region, entrepreneurs received preferential loans in the amount of 767,000 manats ($451,200). These funds will be directed to the creation of the agricultural park, to development of livestock, tobacco and horticulture.

So far, entrepreneurs of the Sheki-Zagatala economic region has received preferential loans worth 100,4 million manats ($59 million) for the implementation of almost 2,251 investment projects.

About 270 entrepreneurs in the country have received preferential loans in the amount of 24 million manats ($14.1 million) for the development of the sphere of tobacco growing, tea growing and hazelnut farming.

Some 150 million manats ($88 million) will be issued for granting preferential loans to entrepreneurs in 2017.

The Fund was created in 1992 and grants 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.

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