NFES issues soft loans worth $97M since early 2017
By Rashid Shirinov
Azerbaijan’s National Fund for Entrepreneurship Support (NFES) has provided concessional loans of 97 million manats ($57.4 million) for businessmen since the beginning of 2017, the Economy Ministry reported on October 13.
These loans, granted to 1,326 entrepreneurs, will allow to create about 4,000 new jobs.
The ministry also noted that during the business forum held today in Dashkasan region of the country entrepreneurs received preferential loans worth 423,000 manats ($250,300). These funds will be used for the development of animal husbandry, viticulture, vegetable growing and other sectors. Thus, the loans will contribute to the creation of up to 40 new jobs.
The forum participants also got acquainted with a livestock farm created at the expense of the NFES-provided loans.
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.
In general, the Fund plans to allocate 150 million manats ($89 million) for granting preferential loans to entrepreneurs in Azerbaijan until the end of 2017.
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Rashid Shirinov is AzerNews’ staff journalist, follow him on Twitter: @RashidShirinov
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