Azerbaijani fund allocates 538,000 manat for investment projects

Wed 09 Oct 2019 09:47 GMT | 13:47 Local Time

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The Entrepreneurship Development Fund operating under Azerbaijan’s Economy Ministry has provided 538,000 manat ($317,124) to 33 entrepreneurs of the Ganja-Gazakh Economic Region to finance investment projects in livestock breeding and horticulture, as well as for the manufacture of bakery products, Trend reports referring to the ministry’s press service.

The implementation of these projects will create a total of up to 50 jobs in Azerbaijan’s Samukh district, according to the report.

In general, during the entire period of the fund’s activity, a total of more than 590,000 soft loans were provided to finance up to 7,000 investment projects in the Ganja-Gazakh Economic Region, including loans granted in Samukh district.

Commenting on the fund’s work to develop the private sector and expand entrepreneurial activity in the regions, Azerbaijani Deputy Minister of Economy Sahib Mammadov said that last year, soft loans worth over 132 million manat ($77.807 million) were provided to entrepreneurs to finance investment projects, 65 percent of which accounted for the Azerbaijani regions.

As reported, 74.4 percent of the soft loans were directed to the development of the agricultural sector, and 25.6 percent - to industry and other sectors.

A review of the state agro-industrial fund was also conducted in Samukh district.

By the order of Azerbaijani President Ilham Aliyev, 51 agricultural parks and large farms for 262,000 hectares are being created in 33 Azerbaijani regions. Soft loans worth 192 million manat ($113.174 million) were allocated for the creation of 27 agricultural parks and large farms.

($1= 1.7 manat on Oct. 9)




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