Azerbaijani business draws almost half of financing for 2016

By  Trend

Since early 2016, the National Fund for Entrepreneurship Support under Azerbaijan’s Economy Ministry allocated preferential loans worth 123 million manats (1.603 AZN/USD on Oct. 20) for entrepreneurs, said Arif Valimammadov, deputy executive director of the fund.

He made the remarks Oct. 20 during a forum in the country’s Samukh district, said a message from the Azerbaijani Economy Ministry.

These funds were allocated for 1,863 entrepreneurs, said Valimammadov.

He noted that so far entrepreneurs of Ganja-Gazakh economic region have obtained preferential loans worth 223.7 million manats to finance more than 6,000 investment projects.

During the forum, 53 entrepreneurs were given preferential loans worth 646,000 manats through the authorized credit organizations.

These loans will be used for the development of livestock farming, beekeeping, vegetable growing, gardening, viticulture and other spheres.

These loans will allow opening about 60 new jobs.

In 2016, 250 million manats will be provided for the issuance of preferential loans to entrepreneurs, including 70 million manats from budgetary funds.

Azerbaijan’s National Fund for Entrepreneurship Support was established in 1992.