Business community receives more preferential loans

Some 34 Azerbaijani companies in Baku have received preferential loans worth 1.8 million manats in the first nine months of 2014.

The loans were given by the National Fund for Enterprise Support (NFES) under the Economy and Industry Ministry of Azerbaijan, the ministry reported.

They are expected to create more than 70 jobs by implementing different projects across the country.

A business forum dedicated to granting of preferential loans to entrepreneurs was held in Rasulzadeh township of Binagadi district attended by about 100 entrepreneurs.

The event featured samples of investment projects on construction of a specialized “green store”, undertaking enterprises for the production of bread, cutting and processing of meat and plastic windows and doors, sewing workshop, small and medium-sized greenhouses and other related fields which are among the main priorities of the government.

Preferential loans worth 245.8 million manats were given by the fund to 4545 entrepreneurs throughout the country since the beginning of the year, Executive Director of the National Fund Shirzad Abdullayev said. These projects will contribute to opening more than 4,300 new workplaces.

At present, some 202.2 million manats of credit has been allocated on the financing of 910 investment projects of business entities operating in the townships of Baku, which will make it possible to open more than 7,000 new workplaces.

In 2014, the National Fund plans to issue loans worth 280 million manats including 130 million manats coming from the repayments and the rest 150 million manats coming from the state budget.

NFES was established in 1992. Issuance of loans to entrepreneurs is implemented through authorized banks and non-bank credit organizations. At present, 45 credit organizations are active in Azerbaijan.


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