NFES to receive investment proposals on development of Sabirabad

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 Sabirabad region, the Economy Ministry reported on June 21.

Following the business forum in Sabirabad, the NFES has launched accepting entrepreneurs' proposals for financing investment projects on creation of large farming and horticultural farms, livestock breeding farms, cotton growing, greenhouses, milk, fruit and vegetable processing enterprises.

Entrepreneurs can apply to the Fund through authorized banks and non-bank lenders, in accordance with the rules for using the funds of the NFES. Small projects can be fully financed through concessional loans.

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

The main goal of the Fund, which was established in 1992, 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 minimizing 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.