NFES to finance projects on creation of 3-star hotels in regions

By Azernews

By Rashid Shirinov

Azerbaijan’s National Fund for Entrepreneurship Support (NFES) under the Economy Ministry has started receiving entrepreneurs’ investment projects in the priority areas of development in the Shamakhi region.

Following a business forum held on December 9, it was considered appropriate to accept the proposals of entrepreneurs for financing investment projects, including establishment of grain farms, livestock breeding, beekeeping, viticulture, almond and potato growing, enterprises for production of cheese, bread and confectionery products.

The Fund will also accept investment projects on construction of a three star hotels in the region, the Ministry stated on December 13.

Entrepreneurs can apply to the Fund through authorized credit organizations. At the request of entrepreneurs, small projects can be fully financed through concessional loans.

The National Fund for Entrepreneurship Support was established in 1992. Loans are allocated to entrepreneurs through authorized banks and non-bank lenders.

Allocation of soft loans is directed at countering the effect of the global economic crisis to the Azerbaijani economy and minimization of the country’s dependence on the oil sector by improving other industries throughout Azerbaijan. The country takes steps to diversify the national economy and provide for the development of the agricultural and other spheres.

Under the recent presidential decree, a responsibility of controlling the process of return of soft loans by entrepreneurs has been transferred from the Central Bank of Azerbaijan to the Financial Markets Supervision Chamber.

Currently, Azerbaijan ranks 63 out of 189 countries in the World Bank’s ease of doing business index, and work to improve this index even more is being implemented.