Entrepreneurship Support Fund reported in issuing preferential credits to 108.6 million manat

The National Fund for Entrepreneurship Support (NFES) through authorized credit organizations issued since the beginning of 2014 concessional loans to entrepreneurs in Azerbaijan in the amount of 108.6 million manat.

According to a press release from the Ministry of Economy and Industry, with the beginning of the year from the fund financed projects of 2 thousand 172 entrepreneurs that will create about 5 thousand new jobs.

With reference to the Executive Director Shirzad Abdullayev it is said that on the eve of the Lankaran region supported 49 entrepreneurs of this economic region. Concessional loans totaling 11.1 million manat allocated businessmen engaged in animal husbandry, beekeeping, tea growing, bread baking, production of table water and canned products. Lending business projects will create about 200 new jobs. In general, entrepreneurs in the Lankaran economic region received soft loans worth 85.2 million manat from NFES for 1,724 projects which created about 9,700 new jobs, the document says.

The Fund was established in 1992. 46 banks and non-bank credit organizations are agents of the Fund for loans.

In 2013, the Fund disbursed subsidized loans for 275 million manat. In 2014 the Fund plans to issue soft loans worth 280 million manat. - 17D-