Soft loans worth over $100M issued to local entrepreneurs

By Azernews

By Rashid Shirinov

Azerbaijan’s National Fund for Entrepreneurship Support (NFES) under the Economy Ministry issued concessional loans of $105.8 million during 2016. This will ensure the implementation of about 2,500 projects.

The remarks were made by NFES CEO Shirzad Abdullayev on December 28 at a business forum in Khirdalan. He said these projects will allow to open more than 8,100 new jobs.

Abdullayev noted that 74 percent of concessional loans were directed to the country's regions, and the remaining 26 percent – to Baku.

A large part of preferential loans, 82.3 percent, was aimed at development of the agricultural sector and the remaining 17.7 percent – at the industry and other fields.

In the framework of the business forum , 20 entrepreneurs received preferential loans of $4.3 million. These funds will be used for the development of livestock, construction of a modern greenhouse complex, creation of enterprises for production of bread, building materials, kitchen and household utensils and the development of olive farms.

Allocation of these 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.

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.