Azerbaijani entrepreneurs master preferential financing

Roughly 18 entrepreneurs operating in Baku's suburbs have obtained loans on concessional terms today worth $2.2 million manat through the National Entrepreneurship Support Fund, Executive Director Shirzad Abdullayev told media today.

"The implementation of the projects through these funds will contribute to opening more than 370 new jobs," he said.

The event was held in the Ramana settlement, Sabunchu district, Baku with the participation of about 120 entrepreneurs.

The model investment projects in priority areas were presented. They were determined to improve the economic potential of Sabunchu district in Baku through concessional financing. This includes the establishment of poultry farms, small and medium-sized greenhouses and modern bread production factories.

The fund has allocated preferential loans amounting to 93.7 million manat to finance 1,071 investment projects since early 2012. About 11.1 million manat were spent to finance 80 investment projects in Baku's settlements. The number of investment projects in the republic is 991 to the amount of 82.6 million manat.

The implementation of these projects will contribute to the creation of approximately 4,070 new jobs.

About 290 investment projects worth 46.1 million manat were financed at the expense of the fund in Baku and suburbs in 2011-2012, he said.

The fund plans to give loans amounting to 200 million manat in 2012.

About 110 million manat will be ensured through returning the loans.
The fund was established in 1992. The loans are given to entrepreneurs
through authorized banks and non-bank credit organizations. The total
number is 36.


/Trend/