NFES is­sues soft loans worth $72M since early 2017

Azer News - - Business - By Sara Is­rafil­bay­ova

Azer­bai­jan’s Na­tional Fund for En­trepreneur­ship Sup­port (NFES) pro­vided pref­er­en­tial loans worth 72 mil­lion man­ats ($4.3 mil­lion) since the be­gin­ning of the year.

The Econ­omy Min­istry re­ported that th­ese loans were is­sued to more than 1,000 en­trepreneurs and will help to cre­ate more than 3,000 new work­places.

Fol­low­ing the busi­ness fo­rum in Tar­tar re­gion, en­trepreneurs re­ceived pref­er­en­tial loans in the amount of 492,000 man­ats ($289,200). Th­ese funds will be used to de­velop live­stock, cot­ton grow­ing and in­crease sow­ing ar­eas. The im­ple­men­ta­tion of th­ese pro­jects will open more than 40 new work­places.

So far, en­trepreneurs of Tar­tar has re­ceived pref­er­en­tial loans amounted to 5.1 mil­lion man­ats ($3 mil­lion) for the im­ple­men­ta­tion of 264 in­vest­ment pro­jects.

More­over, to date more than 19,000 en­trepreneurs op­er­at­ing in the front-line and bor­der zones have got soft loans worth 681 mil­lion man­ats ($400,300).

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.

Newspapers in English

Newspapers from Azerbaijan

© PressReader. All rights reserved.