NFES allocates over $200M preferential loans to entrepreneurs
By Aynur Karimova
The National Fund for Entrepreneurship Support under the Economy and Industry Ministry of Azerbaijan has allocated 211.7 million manats ($201.7 million) on favorable terms to about 5,100 entrepreneurs since the beginning of 2015.
This was announced by Executive Director of the Fund Shirzad Abdullayev at a business forum in the Bilasuvar region on December 3, the ministry reported.
He said that the implementation of investment projects through the allocated loans will allow establishing 11,500 new jobs.
The business forum dedicated to the allocation of preferential loans to the entrepreneurs was held in the Ismetli village of the Bilasuvar region and attended by around 100 entrepreneurs.
Abdullayev noted that in general, 466 million manats ($444 million) was allocated through the NFES to the investment projects of more than 11,700 entrepreneurs operating in Azerbaijan's Aran economic region.
Azerbaijan supports its local entrepreneurs by allocating preferential loans from the NFES, established in 1992 to fund investment projects in different regions of Azerbaijan.
This fund provides entrepreneurs with loans via authorized banks and non-bank credit organizations.
The state budget will provide 100 million manats ($95.3 million) to the NFES in 2015.
Additional funds will be sourced from the 130 million manats ($123.9 million) worth of loans repaid earlier. Thus, the volume of funds accumulated in the NFES will reach 1.747 billion manats ($1.665 billion), including state budget allocations totaling 931 million manats (over $887.1 million) and repaid loans totaling 816.3 million manats (777.8 million).
Official exchange rate on December 4 was 1 USD/1.0495 AZN.
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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova
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