Azerbaijani President decrees to improve activity of National Entrepreneurship Support Fund
Azerbaijan, Baku, Oct. 8 / Trend , I.Khalilova/
To improve the legal framework of the National Fund for Entrepreneurship Support (NFES) under the Ministry of Economic Development, Azerbaijani President Ilham Aliyev issued a decree to approve the new regulations and rules for the use of the funds of the National Fund, AzerTaj state news agency reported.
Under the provision, the Fund is financed by the public budget, as well as by other sources.
The NFES funds are derived via budgetary funds, transfers resulting from its activities, including the payment of interest and basic debt on issued lax loans, fines and fee, the monetary assistance provided on a voluntary basis by local and foreign individuals and enterprises, aid and grants from foreign states and international organizations, loans, attracted by the State on the foreign financial markets.
The National Fund should inform on the status of funds once a quarter.
The Supervisory Board is a supreme governing body of the fund. To manage the fund's operations, the Ministry of Economic Development approved reports by the NFES, cost estimates, staffing and structure of the Fund and its structural divisions. The Ministry is also empowered to appoint and dismiss the Chairman of the Supervisory Board, Executive Director, his deputies and the chief accountant.
The Supervisory Board is approved in a seven-member composition, three of whom is one representative from the ministries of finance, taxation, labor and social protection, and four - are appointed by the Ministry of Economic Development.
The Supervisory Board shall meet at least once a quarter.
The country's President can reorganize and liquidate the National Fund. If the fund is liquidated, its assets transferred to the state.
In 2009, the fund will issue lax loans worth 130 million manat and 74 million of this amount will fall to budget, while 56 million manat is formed through the previously issued credit.