Giant loan issued to form greenhouses in Azerbaijani regions in 2009

The National Entrepreneurship Support Fund (NESF) at the Azerbaijani Economic Development Ministry has allocated a giant lax loan worth three million manats to Azaqro enterprise as part of measures on in the "State support of entrepreneurship development in the regions," the Ministry said on May 1. Lax loans were issued as part of the NESF's measures in the Ganja-Gazakh economic region on May 1.

Azaqro received a loan to form greenhouses to grow vegetables in the Shamkir region.

The project is innovative, and the company, which will be equipped with modern equipment to grow vegetables, will be implemented via the new technology. Especially, the irrigation method will be used to increase harvest by 40 percent.

The company will produce one thousand tons of vegetables annually.

The implementation of the project will provide for people's needs in vegetables, as well as increase the potential of local export businesses. Thus, about 80 percent of Azaqro production will be exported.

Lax loans worth 3.3 million manats were issued to 61 entrepreneurs from Gazakh, Tovuz, Agstafa, Shamkir and Samukh regions during these events. Credit resources are granted to finance projects in industry, production and processing of agricultural products. These projects will open about 100 jobs in the Ganja-Gazakh economic region.

The NESF issued lax loans worth 20 million manat to entrepreneurs in 2009.

On May 1, the official exchange rate is 0.8034manat to $1.

/Trend Capital/