Government increases funding on agribusiness

sahibkarligakomek

The National Fund for Entrepreneurship Support (NFES) under the Ministry of Economy and Industry of Azerbaijan in the first nine months of 2015 most of the loans (68.9 percent of total concessional financing) sent in the production and processing of agricultural products.

This is stated in the fund balance for the first nine months, published in the official press.

According to the fund, 109.35 million manats were allocated to finance 2910 projects on the agricultural sphere; 109.3 million manats went to the production of agricultural products. 1.06 million manats were allocated to the implementation of three projects on processing industry. The total number of jobs that will be created as a result of the implementation of agricultural projects is 7992.

 

NFES was established in 1992. One of its functions is on the issuance of loans to entrepreneurs through authorized banks and non-bank credit organizations. Loan issuance to entrepreneurs is implemented through 45 authorized banks and non-banking associations.

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