The National Fund for Entrepreneurship Support (NFES) under the Ministry of Economy and Industry of Azerbaijan has allocated a loan in the amount of more than 1 million AZN on favorable terms to the 70 business entities of Shamakhi region, the ministry reported.

It is planned to open about 130 new jobs opportunities through implementation of this projects for these funds.

A business forum dedicated to granting concessional loans to entrepreneurs was held in Sabir settlement of Shamakhi region with the participation of about 80 entrepreneurs.

The presentation of samples of investment projects was held within the framework of the event on the creation of specialized "green market", farm shops, family farms for milk production of 50 head of cattle, enterprises for cheese production, wine growing and bee-keeping farms that are considered priorities in the implementation of the economic potential of the region.

Since the beginning of the year the fund allocated concessional loans to 3.658 entrepreneurs in the amount of 187.8 million AZN, the NFES Executive Director, Shirzad Abdullayev said at the event. The implementation of these projects contributes to the opening of more than 8,000 new job opportunities. Moreover, totally the loan in the amount of 48.5 million AZN was allocated for financing of 1340 investment projects of enterprise entities operating in Mountaneous Shirvan economic region, which will create over 5,000 new job opportunities.

In 2014, the national fund plans to issue loans worth 280 million AZN, some 130 million AZN of which will be provided at the expense of repayment, and the remaining 150 million AZN - at the expense of the state budget.

NFES was established in 1992. The issuance of loans to entrepreneurs is implemented through authorized banks and non-bank credit organizations, whose total number is 45.

The official exchange rate on Sept. 5 is 0.7843 AZN/USD.