Baku, Azerbaijan, Dec. 12
By Sara Israfilbayova - Trend:
The Board of the Chamber of Accounts of Azerbaijan revealed a number of shortcomings while conducting the audit of the use of assets of the National Fund for Entrepreneurship Support in 2015-2017.
As a result of the audit, it was revealed that in the reports of some legal entities and individuals receiving concessional loans, the loan amount was not indicated or was indicated incorrectly.
Despite repeated violation of the conditions stipulated by the agreement between authorized credit institutions and the Fund, the credit capacity of credit organizations was not terminated.
In general, 583.9 million manats were allocated to entrepreneurs over the reported period, which is 27.9 percent of the funds allocated by the Fund so far.
Some 170 million manats or 29.1 percent of these loans were issued from the state budget, while 413.9 million manats or 70.9 percent were given by repaid loans and interest income.
Monitoring of business entities received concessional loans does not meet the required level. In 2015, 11.63 percent of business entities, in 2016 - 2.55 percent and in 2017 - 7.93 percent were monitored.
The Board of the Chamber of Accounts discussed the audit results and decided to send a copy of the resolution to the Ministry of Economy of Azerbaijan for further action.
On August 1, 2018, by a decree of Azerbaijani President Ilham Aliyev, the National Fund for Entrepreneurship Support was abolished and the Entrepreneurship Development Fund was established instead.
The purpose of the Entrepreneurship Development Fund is the development of entrepreneurship in Azerbaijan and participation in activities to increase business activity of the population and provide them with financial assistance. The authorized capital of the organization is set at 1.09 billion manats.
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