NFES grants preferential loans to Gakh businessmen

/AzerNews/

By Aynur Jafarova

The National Fund for Entrepreneurship Support (NFES) under the Economy and Industry Ministry of Azerbaijan allocated loans worth 892,500 manats with preferential terms to 47 business entities in the Gakh region on November 13.

It is planned to open over 80 new working places through implementing relevant projects. The loans were given during a business forum held in Gakh with the participation of around 80 entrepreneurs.

During the forum the investment projects on the establishment of specialized green markets, farmer shops, enterprisesinvolved in the production of bread and fruit processing, livestock breeding farms and beekeeping (including production of honey with industrial method) were presented.

Speaking at the forum, NFES Department Head Arif Valimammadov said to date the fund has allocated some 92 million manats to 1,662 investment projects of business entities operating in the Sheki-Zagatala economic regionthe implementation of which will ensure the opening of about 8,600 new working places.

Since the beginning of 2014, loans worth 261,8 million manats have been allocated for the financing of 4,782 investment projects of business entities operating throughout the country, which will make it possible to open more than 10,600 new workplaces.

In 2014, the National Fund plans to issue loans worth 280 million manats, some 130 million manats of which will be provided from repayment, and the remaining 150 million manatsfrom 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 totally 45 authorized banks and non-bank credit organizations working in Azerbaijan.

The official exchange rate stood at 0.7844 AZN/USD on November 13.