TODAY.AZ / Business

Entrepreneurs receive 628M manats for development of livestock

22 September 2017 [12:26] - TODAY.AZ

By Azernews

The National Fund for Entrepreneurship Support (NFES) has granted concessional loans worth 628 million manats ($369.4 million) to more than 23,700 entrepreneurs engaged in the livestock sector since early 2017.

The funds are directed for construction of 4 livestock complexes, while 20 complexes have already been commissioned.

Within the framework of the latest business forum held in the Shamakhi region, entrepreneurs received preferential loans in the amount of 277,000 manats ($162,940) for livestock projects.

The implementation of these projects will open more than 30 new work places.

In general, entrepreneurs of the Mountainous Shirvan economic region received loans in the amount of 69.3 million manats ($40.76 million), including 23.2 million manats ($13.65 million) entrepreneurs of Shamakhi.

About 150 million manats ($88 million) will be issued for granting preferential loans to entrepreneurs in 2017.

Entrepreneurs can apply to the Fund through authorized banks and non-bank lenders, in accordance with the rules for using the funds of the NFES. Small projects can be fully financed through concessional loans.

The main goal of the Fund, which was established in 1992, is to provide preferential loans from the state budget for small and medium business, in order to develop entrepreneurship in the Republic of Azerbaijan.

Allocation of funds by NFES is aimed at the mitigating of the impact of global economic crisis to the national economy and minimization of its dependence on the oil sector. The country takes steps in its bid to diversify the national economy and provide for the development of entrepreneurship in the country.  

The Mountainous Shirvan region is located in the central part of Azerbaijan — on Shirvan plain and covers Agsu, Ismayilly, Gobustan and Shamakhi administrative regions. The total area of region makes 6,060 square meters.

The region is specialized on agriculture, wine growing, winemaking and cattle breeding. Grain growing occupied a leading place in the agriculture sector.

Shamakhi, which is one of the ancient cities of Azerbaijan, is a recognized center of winemaking and carpet weaving.  Shamakhi has beautiful nature with mild climate and mineral wells and also has an ancient history.

Right near Shamakhi there is an amazing place called Pirkuli famous for its snowy hills. It is probably the only place in sunny Azerbaijan where you can enjoy active winter pastime: skiing and snowboarding.


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