Preferential loans worth $187 million allocated for businessmen
The National Fund for Entrepreneurship Support under the Azerbaijani Economy Ministry allocated a 591,000 manats ($753,442) preferential loan for 17 business entities in Binagadi district of the Azerbaijani capital of Baku.
The ministry reported that realization of the business entities' projects with these funds will create 90 jobs.
These loans will be directed mainly at development of the district's priority areas, in particular, production of bread, plastic windows and doors, animal breeding and others.
Fund's Executive Director, Shirzad Abdullayev said some 146.8 million manats ($187 million) were allocated in 2011-2013 for funding of 644 investment projects in Baku, its villages and townships as part of the state program on socio-economic development of the capital city and its settlements.
Realization of these projects will contribute to the creation of over 5,100 new jobs. The fund's plans for 2013 include granting of loans worth 250 million manats ($318 million). Some 100 million manats ($127 million) of these loans will be provided by the repayment of debts and the remaining 150 million manats ($191 million) by using state budget funds.
The National Fund for Entrepreneurship Support was established in 1992. Issuance of loans to entrepreneurs is conducted through authorized banks and non-bank credit organizations.
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