Azerbaijani National Entrepreneurship Support Fund to become self-financing organization soon

Business Materials 31 July 2009 17:34 (UTC +04:00)

Azerbaijan, Baku, July 31 /. Trend N.Ismaylova /

The Azerbaijani National Entrepreneurship Support Fund under the Economic Development Ministry launched institutional preparations to transfer to self-financing mode, executive director of the fund, Shirzad Abdullayev, said.

"We are doing institutional preparations. At present, we study funding models, in which the fund will participate in the future. In addition, our staff potential and physical facilities should be ready for it," Abdullayev said.

At present, the fund works over drawing investment from international financial institutions and holding negotiations with the World Bank on the issue of loan worth $100 million. There is a need to improve legislative base and determine the potential financial sources, Abdullayev added.

"We believe that the fund will be able to become self- financing organization, in the next two or three years," Abdullayev said.

The fund's total loan portfolio will be 380 million manat by late 2009, Abdullayev said.

"With assets of 500 million manat and funds from foreign sources, we are able to work independently," Abdullayev added.

The relevant instructions were given to develop proposals to improve the fund's management because of the fund's transition to self-financing in line with the law on 2008 public budget approved by Azerbaijani President Ilham Aliyev. It means canceling the financing of the fund from the public budget, because the funds issued earlier are reimbursing.

The fund planned to issue lax loan worth 130 million manat, 74 of 130 million manat falls on budget funds and the rest 56 million manat on loan resources allotted earlier.

On July 31, the official rate is 0, 8043 manat to $1.

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