President of Azerbaijan has signed a decree to improve the mechanism of state support for the development of entrepreneurship, which provides for the Fund's creation. The National Entrepreneurship Support Fund, on the other hand, which had been operating under the Ministry of the Economy since 1997, has been liquidated.
The Fund will be able to conduct business only to achieve its objectives.
Among tasks assigned to the Fund is the creation or participation in business communities. The Fund will also participate in the creation of sectoral and regional programs aimed at developing entrepreneurship and creating new vacancies.
In addition to the main objective of preferential business lending, the Fund will help entrepreneurs expand their overseas activities, provide them with consulting services, particularly, study market conditions, prepare investment projects for them, help them build market infrastructure, conduct trainings, etc.
The new Fund will operate under the Ministry of Economy. The authorized fund of the organization is set at 1.09 billion manats.
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