TODAY.AZ / Business

NFES to receive investment proposals on development of Goygol

13 June 2017 [18:00] - TODAY.AZ

By Azernews

By Sara Israfilbayova

The National Fund for Entrepreneurship Support (NFES) under the Economy Ministry of Azerbaijan started receiving investment projects on priority development areas of Goygol region.

Following the business forum in Goygol, the NFES has started accepting entrepreneurs' proposals for financing investment projects on creation of livestock, vine and beekeeping farms, milk and fruit processing enterprises and a hotel.

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

The Fund was created in 1992 and grants loans to entrepreneurs through authorized banks and non-bank lenders, the total number of which is 59.

The main goal of the Fund 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.  


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