Rural tourism in northwestern region to be developed

By Azernews

By Mirsaid Ibrahimzade

Development of entrepreneurship is one of the important terms for a country's socio-economic growth. Azerbaijan makes maximum efforts to enhance the role of the private sector in the economy and also takes measures aimed at raising the level of entrepreneurial activity.

To support entrepreneurs in Baku and surrounding villages, the Entrepreneurship Development Fund allocated preferential loans in the amount of 33.7 million manats ($19.82 million) in first four months of 2019. These funds were provided for the implementation of 215 investment projects worth 145.7 million manats ($85.7 million).

The Fund’s support also covers regions of the country. The Entrepreneurship Development Fund has identified priority areas for lending to business structures in the Gakh region, the Fund told local media.

In particular, the Fund considers it expedient to credit projects of rural tourism, creating farms of gardening, tobacco growing, beekeeping, including the production of honey by an industrial method, as well as creating production facilities for processing hazelnuts and tobacco drying chambers.

Taking into account that small and medium-sized businesses are highly involved in such activities, development of these businesses will lead to the growth of entrepreneurship in the regions, which is one of the priority directions of Azerbaijan’s economic policy.

The Fund noted that entrepreneurs operating in Gakh region can submit their projects in these areas to authorized credit organizations of the Fund.

Azerbaijan’s Entrepreneurship Development Fund, established on the basis of the National Fund for Entrepreneurship Support, actively allocates concessional loans to support entrepreneurs in the country. 

In 2018, the volume of concessional lending to business through the Fund amounted to 160.2 million manats ($94.23 million). This year, the fund intends to issue preferential loans worth 160 million manats ($93,84 million).