Azerbaijan creating Credit Guarantee Fund
Baku, Azerbaijan, Sept. 15
President of Azerbaijan Ilham Aliyev signed a decree on a number of measures to provide state support to entrepreneurs for expansion of access to financial resources.
The decree provides for the establishment of Credit Guarantee Fund of Azerbaijan OJSC.
Under the decree, the Credit Guarantee Fund will provide a guarantee for entrepreneurs’ manat loans taken out in authorized banks.
In cases and the order determined by the head of state, the Fund will also provide subsidies on a part of the interest rate on loans.
The Credit Guarantee Fund will have a Supervisory Board, consisting of seven people, as well as a Management Board.
The composition of the Supervisory Board will include a member of the Ministry of Finance, a member of the Ministry of Economy, a member of the Central Bank, a member of the Financial Market Supervisory Authority, a member of the State Oil Fund, a member of the National Confederation of Entrepreneurs (Employers') Organisations and a member of the Azerbaijan Banks Association.