BAKU, Azerbaijan, December 23. President Ilham Aliyev has signed a decree on ensuring the activity of the Azerbaijan Business Development Fund and making amendments to some decrees and orders of the President of the Republic of Azerbaijan in this regard, Trend reports.
According to the decree, the Charter of the Azerbaijan Business Development Fund and the Order of Use of Funds of the Azerbaijan Business Development Fund have been approved.
Moreover, it was noted that residual assets for 189.7 million manat ($111.5 million) on preferential loans granted to business entities by the Entrepreneurship Development Fund of the Republic of Azerbaijan through authorized credit organizations in the process of liquidation shall be written off from the statutory fund of the Entrepreneurship Development Fund, and the right of claim is transferred to the assets of these authorized credit organizations.
The Cabinet of Ministers must approve within four months the procedure for financing business entities with soft loans, as well as making investments and informing the head of state, studying the possibilities of applying other financing mechanisms taking into account the requirements of the economy, and, depending on the result, submitting its proposals to the President and solving other issues arising from the decree.
The Ministry of Economy must approve within a month the structure of the Fund, as well as the labor remuneration fund, the maximum number of employees, and the number of their salaries (official salary, additional payments to the official salary, bonuses, and other payments), and take the necessary measures to solve other issues arising from the decree.