President Aliyev establishes Entrepreneurship Development Fund of Azerbaijan

  01 August 2018    Read: 1705
President Aliyev establishes Entrepreneurship Development Fund of Azerbaijan

Azerbaijan's President Ilham Aliyev signed a decree improving the mechanism of state support for the development of entrepreneurship in Azerbaijan.

According to the decree, the National Fund for Entrepreneurship Support has been liquidated to improve the mechanism of support for the development of entrepreneurship, create new industrial, processing and infrastructure enterprises in the non-oil sector, based on innovative technologies, finance export operations, accelerate the process of investment in the real sector, and expand opportunities for access to financial resources for economic entities operating in the private sector.

Also, the public legal entity Entrepreneurship Development Fund of the Republic of Azerbaijan has been established under the Ministry of Economy.

The Charter and the Procedure for Using the Fund's Resources are also approved.

A supervisory board consisting of nine people is established for general management and control over the work of the Fund.

The Ministry of Economy appoints five members of the supervisory board. One member is appointed by the Ministry of Finance, one member by the Ministry of Taxes, one member by the Ministry of Labor and the Social Protection of Population, and one member by the Financial Market Supervisory Authority (FIMSA).

The chairman of the supervisory board shall be appointed and dismissed by the minister of economy.

The minister of economy appoints and dismisses members of the board, as well as terminates their powers.

The authorized fund of the Entrepreneurship Development Fund is 1,094,254,581 manats and is formed from the property allocated to it as well as the funds allocated from the state budget.

More about: IlhamAliyev