NFES to receive investment proposals for Shamakhi

By Azernews

By Sara Israfilbayova

The National Fund for Entrepreneurship Support (NFES) under the Economy Ministry of Azerbaijan has begun accepting investment projects on priority development areas of the Shamakhi region.

Following the business forum in Shamakhi, the NFES has launched accepting entrepreneurs' proposals for financing investment projects on creation of grain farms, livestock breeding, viticulture, potato growing, beekeeping, horticulture, as well as an almond farm, a milk processing plant and a three-star hotel.

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 mitigation of its dependence on the oil sector.

Encouraging business doing in the country is one of the priorities for the Azerbaijani government, which supports entrepreneurs through creating necessary conditions for the development of a healthy business environment in the country.

Shamakhi, which is one of the ancient cities of Azerbaijan, is a recognized center of winemaking and carpet weaving.  Shamakhi has beautiful nature with mild climate and mineral wells and also has an ancient history.