TODAY.AZ / Business

Azerbaijani entrepreneurs granted concessional loans worth over $344 million

14 December 2013 [10:05] - TODAY.AZ
Concessional loans totalling 270.4 million manats ($344,722,222) have been allocated for financing 4260 investment projects in Azerbaijan since early 2013, Executive Director of the National Fund for Entrepreneurship Support (NFES) of the Azerbaijani Ministry of Economy and Industry, Shirzad Abdullayev said.

He made the remarks speaking at the credit fairs held on Dec. 13 as part of the event entitled "State support for development of entrepreneurship", which was held in the village Gushgara of Azerbaijan's Goygol district.

The concessional loans were allocated through the NFES, Abdullayev said.

"It is planned to create about 11,750 jobs as a result of implementing these projects," Abdullayev said.

He said concessional loans worth 132.2 million manats ($168,536,530) have been allocated through NFES for financing of over 3,500 investment projects of business entities operating in Ganja-Gazakh economic region.

Some 45 entrepreneurs operating in Ganja-Gazakh economic region were granted concessional loans totalling 554,000 manats ($706,272) as part of the event. Implementation of these projects will help to create over 70 new jobs here.

Prior to the event the participants familiarized with the activities of poultry and livestock farms operating in Samukh. These projects are funded by the NFES.

The model investment projects in the area of creation of mechanized bakeries, small and medium livestock enterprises and others were also presented.

During the event it was noted that the small investment projects can be fully financed with the concessional loans of the NFES.

In 2013, the NFES planned to grant loans totalling 250 million manats ($318,715,072), some 100 million manats ($127,486,029) of which will be provided with repayment of loans. The remaining 150 million manats ($191,229,043) will provided with the funds of the state budget. Funding has already exceeded the forecasts. But the NFES continues to lend with repayment of funds from earlier loans.


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