Priority spheres of lending business in Lankaran have been determined. According to the report of the National Fund for Entrepreneurship Support (NFES) under local conditions it is advisable to finance small and medium-sized family farms and 50 dairy cattle, environmentally friendly "green stores" tea-growing farms, orchards and gardens with the use of modern irrigation and as enterprises producing cheese and dried fruit.
"Entrepreneurs operating in the Lankaran district may submit to the authorized credit organizations fund their projects in these areas. Also they can get money for consultation. Moreover, based on the wishes of entrepreneurs, NFES can provide a loan of up to 100% of the project," the statement said.
NFES was established in 1992. Agents of the Fund for loans are 46 banks and non-bank credit organizations. In 2013, the Fund disbursed subsidized loans for 275 million manat. In 2014 the Fund plans to issue loans of 280 million manat. -17D-
Economics
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The Baku International Sea Trade Port, a critical link in the Middle Corridor connecting East and West, handled 7.6 million tons of cargo in 2024, marking a 3.2% increase from the previous year. This growth underscores the port's expanding role in global trade and its significance as a transit hub for countries such as China, Turkey, Georgia, Iran, and Russia.
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Azerbaijan’s state oil company SOCAR has acquired a 3% stake in the offshore SARB and Umm Lulu concession in the United Arab Emirates (UAE) from Abu Dhabi National Oil Company (ADNOC) for $285 million, marking a significant step in deepening energy ties between the two nations. The transaction, completed in May 2024, was completed in January 2025.
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The Baku Small and Medium Business (SME) House and the Miniboss Business School have signed a memorandum of understanding aimed at developing entrepreneurial skills among children, the Small and Medium Business Development Agency (KOBIA) reported on Monday.
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