The National Fund for Entrepreneurship Support (NFES) under the Economy Ministry has started receiving investment projects on priority development areas of the Gakh region, the ministry informed on February 26.
Following a business forum, NFES considered it appropriate to start accepting investment projects for the implementation of startups, creation of horticulture farms, intensive tobacco growing and beekeeping, as well as an enterprise for industrial processing and packaging of honey, a tobacco processing plant and a warehouse for storing dried tobacco. In addition, NFES announced reception of investment projects for the creation of a hotel.
Entrepreneurs can apply to the fund through authorized credit organizations, in accordance with the rules for using the funds of the NFES. At the request of entrepreneurs, small projects can be fully financed through concessional loans.
The National Fund for Entrepreneurship Support, created in 1992, issues loans to entrepreneurs through authorized banks and non-bank lenders. The main goal of NFES is to provide preferential loans from the state budget for small and medium business in order to develop entrepreneurship in the country.
During 2017, NFES allocated soft loans worth 146 million manats ($86 million). These loans were provided to about 1,953 business entities for the implementation of investment projects with a total cost of 635.6 million manats ($374 million).
Allocation of soft loans is directed at countering the effect of the global economic crisis to the Azerbaijani economy and minimization of the country’s dependence on the oil sector by improving other industries throughout Azerbaijan. The country takes steps to diversify the national economy and provide for the development of the agricultural and other spheres.