Int'l auditor appraises activities of National Entrepreneurship Support Fund in Azerbaijan
Azerbaijan, Baku, Sept.2. / Trend N. Ismayilova /
The international auditor Baker Tilly Audit Azerbaijan has completed an assessment for 2008 of the financial accountability of National Entrepreneurship Support Fund (NESF) activities with the Azerbaijani Economic Development Ministry, the ministry said.
This inspection was the first audit by an international auditing company for the entire period of the fund's activities.
The fund's financial activities were valued and the fund's dealing under international financial reporting standards was confirmed, the audit report said.
The audit will increase the fund's efficiency, as well as open new opportunities for attracting additional resources from international financial institutions to develop Azerbaijani businesses.
Every year the government allocates the Fund the same amount of financial support from the budget (80 million manat). However, the total amount of funds for the preferable financing of businesses is growing, as the Fund began to lend funds repaid from previously granted loans.
Through the NESF in 2009, over 1,200 enterprises received loans worth $63.5 million manat, which will create more than 4, 800 new jobs.
According to the ministry's estimations, the NEFS's transition to self-financing and non-budgetary support will be possible from 2013.
Do you have any feedback? Contact our journalist at: [email protected]