Over $48M allocated for local businesses

/By Azernews/

Rashid Shirinov

The National Entrepreneurship Support Fund (NESF) under the Azerbaijan Economy Ministry issued concessional loans in the amount of 76.8 million manats ($48.4 million) for 1,383 local entrepreneurs since early 2016.

NEFS Executive Director Shirzad Abdullayev announced about this on July 21 at the business forum dedicated to granting concessional loans to the businessmen of Khizi region.

These loans are expected to facilitate creation of over 3.3 million new work places.

In general, NESF allocated 315.4 million manats ($198.8 million) to the entrepreneurs of Absheron economic region for financing more than 1,100 investment projects for creation of logistics centers, poultry factories, livestock complexes, bakeries, enterprises producing construction materials, dried fruits, containers and others goods.

As many as 32 entrepreneurs got soft loans for 660,000 manats ($416,000) in the framework of the Forum from authorized credit organizations. These loans will be directed for development of animal husbandry, agriculture, poultry, production of building materials and plastic bags. Following this, 50 new jobs are expected to open.

The forum participants got also acquainted with the construction of greenhouses, which will raise 4,000 tons of vegetables per year, and livestock breeding complex for 1,000 heads of cattle. Both projects are being implemented through preferential loans issued through the Fund.

In general, Fund allocated 141.5 million manats ($89 million) for the establishment of 48 modern greenhouse complexes and 104.7 million manats ($66 million) to establish 23 cattle-breeding complexes.

In 2016, NESF is going to allocate 250 million manats ($157.5 million) as preferential loans to entrepreneurs, including about 70 million manats ($44 million) at the expense of budgetary funds.

The National Entrepreneurship Support Fund was established in 1992. Issuance of loans to entrepreneurs is being implemented by means of authorized banks and non-Bank credit organizations, whose total number is 59.