Azernews.Az

By Sara Israfilbayova

The National Fund for Entrepreneurship Support (NFES) under the Economy Ministry of Azerbaijan has granted concessional loans worth 96.5 million manats ($56.76 million) to more than 1,270 entrepreneurs since early 2017.

The Economy Ministry reported that these loans allow to create more than 3,900 new work places.

Within the framework of a business forum held in Khirdalan city of the Absheron region entrepreneurs received preferential loans in the amount of 5.6 million manats ($3.29 million). These funds will be directed for the development of livestock and poultry, the production of packaging, building materials and adhesive tape, as well as the construction of a modern greenhouse complex and will create more than 160 new work places.

The forum participants got acquainted with the hothouse economy created at the expense of NFES loans.

To date, 116.3 million manats ($68.41 million) were allocated for the creation of 37 greenhouse farms in Baku and in the Absheron region and 32 of them have already been commissioned.

About 150 million manats ($88.2 million) will be issued for granting preferential loans to entrepreneurs in 2017.

During January-September 2017, about 1,154 entrepreneurs received soft loans in the amount of 90.4 million manats ($53.18 million).

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.

Encouraging business doing in the country is one of the priorities for the Azerbaijani government, which supports entrepreneurs through creating necessary conditions for the development of a healthy business environment in the country.

The Absheron Peninsula is the biggest and the most populous city of the country, and also the Baku metropolitan area, with its satellite cities Sumqayit and Khyrdalan.

Absheron is an important industrial region of Azerbaijan with oil producing, gas producing and oil refining industry.

Agriculture on the peninsula is represented by livestock, viticulture and melon-growing on irrigated lands.

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