NFES grants preferential loans to businesses in Neftchala
By Aynur Jafarova
The National Fund for Entrepreneurship Support (NFES) under Azerbaijan’s Economy and Industry Ministry has granted preferential loans worth 794,600 manats to the businesses in Neftchala region and surrounding area.
The funds were allocated to 59 business entities, the ministry said on November 6.
These business entities will open over 80 new working places at the expense of these funds through the implementation of various projects.
A business forum dedicated to granting of preferential loans to entrepreneurs was held in Shamkir with participation of about 200 entrepreneurs.
The presentation featured samples of investment projects on construction of family farm dairy farms on 50 head of cattle, modern greenhouses, pomegranate and date plums orchards of an intensive type, potato farms, which are considered priorities in the implementation of the economic potential of the region.
Speaking at the forum Executive Director of the National Fund Shirzad Abdullayev said preferential loans worth 160.2 million manats were issued by the fund to 4,720 entrepreneurs throughout the country since the beginning of the year. These projects will contribute to the opening of more than 22,000 new working places.
Since the beginning of 2014, loans worth 261 million manats have been allocated on the financing of 4,785 investment projects of business entities operating throughout the country, which will make it possible to open more than 10,500 new workplaces.
In 2014, the National Fund plans to issue loans worth 280 million manats, some 130 million manats of which will be provided at the expense of repayment, and the remaining 150 million manats at the expense of the state budget.
NFES was established in 1992. Issuance of loans to entrepreneurs is implemented through authorized banks and non-bank credit organizations. There are 45 of them in total.
The official exchange rate was 0.7844 AZN/USD on November 6.