January 10, 2011
Azerbaijan to allocate more funding to fully cover poultry needs
The National Fund for Entrepreneurship Support (NFES) under the Azerbaijani Economic Development Ministry plans to allocate about AZN20-30 million (US$24.66-$36.99 million) to the poultry farming area development in 2011.
In 2010, NFES financed 12 investment projects for poultry industry's development, the implementation of which will provide annual production of 60 million breeding eggs and 16,000 tonnes of poultry meat in the country, with an allocation of AZN22 million (US$27.13 million) for these projects by the NFES.
At present, the country's average annual demand of pedigree eggs is 80-90 million units, while of the poultry meat is 100,000 tonnes.
"The implementation of the projects, funded in 2010, will allow to fully cover the needs for pedigree eggs," NFES Executive Director Shirzad Abdullayev said, adding that "so far, the domestic production of eggs was 30 million units, and the rest was imported from abroad to meet demand."
Accordingly, as a result of these projects, the domestic demand for eggs will be fully covered by local production. In 2011, the country will also pay greater attention to the issue of domestic production of poultry meat, which would be possible through the creation of new enterprises or reconstruction of existing poultry farms, Abdullayev added.
Based on the rules, the NFES may allocate small loans from AZN10,000-50,000 (US$12,330-$61,653) for up to two years, while loans from AZN50,001-250,000 (US$61,654-$308,268) will be given for three years, large loans from AZN250,001-1 million (US$308,269-$1.23 million) for five years and even larger loans from AZN1 million-5 million (US$1.23-$6.17 million) for seven years.
The NFES was established in 1992.