New olive and almond orchards to be planted in Absheron
The National Fund for Entrepreneurship Support (NFES) under the Economy Ministry of Azerbaijan has begun accepting investment projects on priority development areas of the Absheron district.
Moreover, it is planned to accept proposals for planting new orchards of olives and almonds.
Entrepreneurs can apply to the Fund through authorized banks and non-bank lenders, in accordance with the rules for using the funds of the NFES. Small projects can be fully financed through concessional loans.
About 150 million manats ($88 million) will be issued for granting preferential loans to entrepreneurs in 2017.
During January-September 2017, 1,154 entrepreneurs received soft loans in the amount of 90.4 million manats ($53.18 million).
The main goal of the Fund, which was established in 1992, is to provide preferential loans from the state budget for small and medium business, in order to develop entrepreneurship in the Republic of Azerbaijan.
Allocation of funds by NFES is aimed at the minimizing of the impact of global economic crisis to the national economy and mitigation of its dependence on the oil sector.
The official exchange rate on May 26 is 1.7020 AZN/USD.