September 18, 2009
Azerbaijan approves to build 20 grain storage complexes
The Azerbaijani National Entrepreneurship Support Fund (NESF) under the Azerbaijani Economic Development Ministry approved 20 proposals on establishment of storage complexes for storage and peeling of grain crops in six economic regions.
The storage facilities should be built on the basis of modern technologies and with a capacity of 10,000 tonnes each, executive director of the Fund, Shirzad Abdullayev said on September 17.
The fund approved the financing for nine investment projects in Aran economic region, two in the Nagorno-Shirvan, two in the Ganja-Kazakh, two in Lankaran, two in Sheki-Zagatala and three in the Upper Karabakh, Abdullayev added.
The total cost of the approved projects is about AZN38.5 million and the fund will finance AZN17.6 million of the total cost.
Under the terms of the competition, at least 30 percent of the investment projects should be funded through the NESF's own funds. If necessary, the Azerbaijan Investment Company or its subsidiaries may participate in the financing.
The grain production in the Aran region amounted to 560,000 tonnes, so the greatest number of selected projects falls on the area, according to Abdullayev.
The cost of investment proposals received by the fund varies from AZN1.3 to AZN2.7 million, of which it is offered to draw funding from the NESF in the range from AZN650,000 to AZN1 million.
US$1 = AZN0.8032 (Sep18)
