Azerbaijani entrepreneurs receive 35 favourable loans

The National Fund for Entrepreneurship Support (NFES) under the Economic Development Ministry of Azerbaijan organized the next event on the topic "State support to entrepreneurship in the regions", attended by about 350 entrepreneurs, working in Aran economic region, in the Agdash region, the ministry said.

Within the event favorable loans totaling approximately 500,000 manat were issued to 35 entrepreneurs through the authorized credit organizations. It is planned to create more than 45 new jobs through these loans.

Participants familiarized with the work of a modern livestock complex constructed by  Turyancay enterprise a the expense of NFES, refrigerator plant with a capacity of 2,000 tons in Goychay, construction of grain storage facilities of "Bismak Qida Sənaye" with capacity of 24,000 tons in the Ismayili region and "İlk Aqrokom" storage with capacity of 10,000 tons in the Gobustan region.

NFES was established in 1992. Loans are allotted to entrepreneurs through authorized banks and non-bank credit organizations, whose overall number is 36. In 2009, NFES issued more than 2,100 loans through authorized credit organizations, totaling 130 million manat. Thus, in 2009 compared to 2008, the number of entrepreneurs who received preferential loans from the funds NFES increased by 2.6 times and the volume of loans - 48 percent.

The fund plans to provide loans worth at least 115 million manat in 2010.


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