Entrepreneurs of metropolitan area allocated subsidized loans

Almost all areas of business are included in the financial plans of the national Fund for Entrepreneurship Support (NFES).

This was said at the meeting of fund management with business people Garadagh district of the capital of its director Shirzad Abdullayev. Several businessmen were allocated target loans. So, approved were 22 projects for a total amount of 2.4 million manat.

According to Abdullayev, the highest peak of providing loans to the population of Baku city neighborhoods occurred in 2011-13. During this period, approved were 510 investment projects and allocated was 121.8 million manat.

It is a lot considering the fact that since the beginning of the year 1,608 entrepreneurs across the country received 148.5 million manat, and in general for the existence of NFES (2009-2012) of total allocated preferential loans worth 496.8 million manat.

This year, the fund plans to lend to investment projects in building large livestock farms, poultry, bread, large grain and seed farms, intensive farms growing and processing grapes, greenhouses, farms intensive gardening and cultivation of seedlings, fruit and vegetable processing, creating light industry, mechanical engineering, etc.

NFES was established in 1992 and active lending by the Fund began in 2002. Issuance of loans to entrepreneurs is arranged by 38 authorized banks and non-banking credit organizations.

In 2012 the Fund to finance 2400 investment projects allocated 218 million manat. NFES loans in 2013 are forecast at 250 million manats. - 17D-